The French cryptocurrency landscape is evolving rapidly, as two major global players—OKX and Gemini—officially enter the market with full regulatory approval. Both exchanges have secured PSAN (Prestataire de Services sur Actifs Numériques) registration from the Autorité des Marchés Financiers (AMF), France’s financial markets regulator. This milestone allows them to legally offer digital asset services to French users, marking a significant step in the broader institutional adoption of crypto across Europe.
With OKX becoming the 106th registered PSAN and Gemini the 105th, the French crypto ecosystem now hosts a growing number of compliant platforms—including Binance and Crypto.com—signaling increasing trust in regulated digital asset providers.
What PSAN Registration Means for Crypto Platforms
Introduced under France’s PACTE law in 2019, PSAN registration is mandatory for any company offering specific crypto-related services in France. These include:
- Digital asset custody
- Buying and selling digital assets against fiat currency
- Exchanging one digital asset for another
The registration ensures that platforms meet baseline compliance standards, including anti-money laundering (AML) protocols and consumer protection measures. While not as stringent as the upcoming reinforced registration, which launches in January 2025, standard PSAN status remains a critical gateway for international exchanges seeking access to the EU’s fifth-largest economy.
👉 Discover how leading crypto platforms are adapting to European regulations.
OKX Expands Its European Footprint
Founded in 2017 and originally based in China, OKX has grown into one of the world’s largest cryptocurrency exchanges, serving over 50 million users globally. The platform holds an international operating license from the Bahamas and has been strategically expanding across regulated markets.
In April 2024, OKX established a French subsidiary—OKX France—paving the way for its AMF registration. The subsidiary officially received PSAN status in mid-2024, authorizing it to provide three core services in France:
- Custody of digital assets
- Fiat-to-crypto trading (e.g., EUR to BTC)
- Crypto-to-crypto exchanges (e.g., BTC to ETH)
This move aligns with OKX’s broader European strategy, positioning France as a key hub for its Western expansion. With Binance recently scaling back some services due to regulatory pressure, OKX is capitalizing on the shift by enhancing its compliance infrastructure and user offerings.
Market data suggests OKX has gained significant traction over the past year, now handling more than 10% of global spot trading volume—a clear indicator of its rising influence in the industry.
Gemini Strengthens Its European Presence
On the other side of the Atlantic, Gemini, the U.S.-based exchange founded by Cameron and Tyler Winklevoss in 2014, has also secured PSAN status through its European arm—Gemini Europe, headquartered in Ireland.
Unlike OKX, Gemini’s PSAN license includes an additional service: operating a digital asset trading platform. This means Gemini can not only facilitate trades but also act as a full-fledged marketplace for buyers and sellers in France.
The approval comes after a turbulent period for Gemini. In late 2022 and early 2023, the platform faced operational disruptions amid the broader crypto market downturn and fallout from FTX’s collapse. Despite these challenges, Gemini has maintained a strong focus on regulatory compliance and security—a strategy that likely accelerated its acceptance under AMF standards.
Now, with PSAN status, Gemini can offer French users:
- Secure crypto custody solutions
- Direct EUR-to-crypto purchases
- Peer-to-peer digital asset swaps
- Access to a regulated trading venue
This positions Gemini as a trusted option for risk-averse investors looking for transparency and institutional-grade safeguards.
👉 See how top-tier exchanges are building trust through regulation.
The Shift Toward Stronger Crypto Regulation in France
While standard PSAN registration opens the door for international platforms, France is moving toward even stricter oversight. Starting July 1, 2025, new crypto firms will need to obtain reinforced registration, which demands higher capital reserves, enhanced cybersecurity frameworks, and greater operational transparency.
Additionally, the PSAN approval (agrément PSAN) remains the gold standard in French crypto regulation. Unlike registration, approval requires:
- Minimum equity capital between €50,000 and €150,000
- A valid professional liability insurance policy
- Robust internal governance and risk management systems
To date, only SG Forge, a subsidiary of Société Générale, has received full PSAN approval—highlighting how challenging it is to meet these elevated standards.
Still, more platforms are expected to pursue both reinforced registration and eventual approval as EU-wide frameworks like MiCA (Markets in Crypto-Assets Regulation) come into force.
Why This Matters for French Crypto Users
For everyday investors in France, the arrival of OKX and Gemini means:
- Greater choice among reputable, regulated platforms
- Improved security through mandatory custody standards
- Easier access to global markets via compliant gateways
- Stronger consumer protections compared to unregulated offshore exchanges
Regulated platforms must adhere to strict reporting requirements and safeguard user funds—reducing risks associated with fraud, insolvency, or mismanagement.
Moreover, increased competition could drive innovation in product offerings, such as staking, yield programs, and tokenized assets—all within a legal framework.
👉 Learn how regulated crypto platforms protect your investments.
Frequently Asked Questions (FAQ)
Q: What does PSAN mean?
A: PSAN stands for Prestataire de Services sur Actifs Numériques—a designation required by French law for any company offering crypto services like trading or custody in France.
Q: Are OKX and Gemini safe for French users?
A: Yes. Both platforms have undergone AMF review and comply with French financial regulations, including AML checks and fund segregation policies.
Q: Can I buy Bitcoin with euros on these platforms?
A: Absolutely. Both OKX France and Gemini Europe allow users to purchase cryptocurrencies directly using EUR.
Q: How is PSAN different from MiCA?
A: PSAN is a national French regulation, while MiCA is an upcoming EU-wide framework that will harmonize crypto rules across member states starting in 2025.
Q: Do I need to verify my identity?
A: Yes. Like all regulated financial services, both platforms require KYC (Know Your Customer) verification before you can trade or deposit funds.
Q: Will more exchanges enter France soon?
A: Likely. With Binance, Crypto.com, OKX, and Gemini now active, other major players may follow—especially as MiCA streamlines cross-border operations.
The entry of OKX and Gemini into France underscores a broader trend: the institutionalization of cryptocurrency through regulation. As users gain access to more secure and transparent platforms, confidence in digital assets continues to grow—laying the foundation for mainstream adoption across Europe.