France Warns 90 Crypto Companies Face Shutdown Over Missing EU Licenses

The Autorité des Marchés Financiers sent warning letters to unlicensed crypto firms in November 2025, reminding them that France’s transition period ends on June 30, 2026. Companies that fail to obtain authorization under the Markets in Crypto-Assets Regulation will be forced to cease operations starting July 1.

Most Companies Refuse to Apply

Of the 90 flagged companies, the breakdown reveals significant problems. Forty percent have stated they will not seek MiCA authorization at all. Another 30% are currently working on their applications. The remaining 30% have not responded to the regulator’s inquiries.

Stéphane Pontoizeau, executive director of market intermediaries supervision at the AMF, told journalists in Paris that he is concerned about the unresponsive group. The regulator cannot assess whether these silent companies plan to wind down operations properly or simply disappear.

Source: esma.europa.eu

This situation creates risks for customers who hold crypto assets with these platforms. Without proper planning, users could face difficulties accessing their funds or transferring their holdings to licensed providers.

Europe’s New Crypto Rulebook

MiCA became fully effective across the European Union on December 30, 2024. The regulation creates uniform rules for crypto companies throughout all 27 member states. It aims to protect investors while providing clear legal standards for legitimate crypto businesses.

Under MiCA, crypto companies must receive licenses from national regulators to operate across the entire EU. This “passporting” system allows a company licensed in one country to serve customers throughout Europe.

However, the transition period varies by country. France allows 18 months for companies to comply, while the Netherlands gives only six months. Italy’s deadline already passed in December 2025. This patchwork of timelines creates confusion for companies operating in multiple countries.

France Takes Strict Enforcement Approach

France has emerged as one of Europe’s toughest crypto regulators. Out of more than 100 registered crypto service providers in France, only about four to six companies have received full MiCA authorization. This represents an approval rate of roughly 4%.

Successfully licensed companies include CoinShares, which received approval in July 2025, and Swiss Bitcoin app Relai, which obtained its license in October 2025. Other approved firms include Deblock, GOin, Bitstack, and CACEIS, owned by Crédit Agricole.

Beyond licensing, France’s banking regulator has been conducting extensive anti-money laundering inspections since late 2024. These checks target major exchanges including Binance and dozens of other platforms. The French regulator also blocked 22 websites offering illegal crypto services in 2025.

France has criticized what it calls “regulatory shopping,” where companies seek licenses in countries with easier approval processes. The country has threatened to challenge licenses granted by other EU members if standards are not aligned.

Wind-Down Plans Required

The European Securities and Markets Authority issued guidance in December 2024 requiring unlicensed companies to prepare orderly wind-down plans. These plans must allow companies to shut down without causing harm to their customers.

ESMA expects companies to arrange the transfer of crypto assets held for clients to authorized providers. The guidance emphasizes that national regulators should treat last-minute authorization applications with extra scrutiny.

Investors are urged to verify whether their crypto service provider appears in ESMA’s interim MiCA register. Only authorized companies provide the full protections under the new regulation.

Push for Centralized EU Oversight

In December 2025, the European Commission proposed giving ESMA centralized supervisory powers over all EU crypto companies. This would create a system similar to America’s Securities and Exchange Commission.

France, Italy, and Austria support this proposal. They argue that centralized oversight would prevent companies from seeking easy approvals in lenient jurisdictions. However, Malta, Luxembourg, and Ireland oppose the plan, warning it would add bureaucracy and slow down licensing.

AMF President Marie-Anne Barbat-Layani reiterated in January 2026 that France supports stronger European markets and more power for ESMA.

The debate highlights tensions between countries that want strict, uniform enforcement and those that prefer to compete by offering faster, more flexible approval processes.

Market Consolidation Ahead

Analysts predict that MiCA’s compliance costs will push smaller crypto companies out of the EU market. Only well-funded businesses can afford the extensive documentation, compliance staff, and upgraded systems that MiCA requires.

For the 90 unlicensed companies in France, the choice is clear. They must invest heavily in meeting MiCA requirements or exit the French market entirely. With just over five months until the deadline, time is running short.

Companies serving customers in multiple EU countries face even greater pressure. They must comply with the shortest transition period of any country where they operate. A company serving French and Dutch customers, for example, would have needed to meet the Netherlands’ earlier deadline.

The Compliance Countdown

France’s identification of 90 unlicensed crypto companies reveals the challenges of implementing Europe’s new regulatory framework. With 40% refusing to apply for licenses and 30% unresponsive, a significant portion of France’s crypto market faces shutdown.

The June 30 deadline will determine which companies survive in Europe’s regulated crypto market. Those that succeed will gain access to over 450 million potential customers across the EU. Those that fail will lose access to one of the world’s largest markets.

As the countdown continues, the crypto industry must decide whether to meet Europe’s strict standards or look for opportunities elsewhere.