Why investing in crypto through a PSAN registered with France’s AMF matters

In November 2022, FTX — then the world’s third-largest crypto exchange — collapsed within days. Eight billion dollars in customer funds vanished. Its founder, Sam Bankman-Fried, was sentenced to 25 years in prison for fraud. This wasn’t a Bitcoin volatility problem — it was an unregulated platform that misappropriated user funds with zero oversight.

FTX wasn’t an isolated case. Back in 2014, Mt. Gox had already lost 850,000 BTC — worth billions at today’s prices. These disasters share a common thread: they happened on platforms with no meaningful regulatory framework. In France, a specific framework exists to prevent exactly this: the PSAN license, issued by the AMF (Autorité des Marchés Financiers), the French financial markets authority.

The Pacte Act and the birth of the PSAN framework

In May 2019, France passed the Pacte Act (Action Plan for Business Growth and Transformation). Among its many provisions, it created the PSAN status — Prestataire de Services sur Actifs Numériques, or Digital Asset Service Provider. The goal: regulate crypto activities in France and protect investors.

Since January 1, 2020, any company looking to offer the purchase, sale, custody, or exchange of cryptocurrencies in France must be registered with the AMF. It’s a legal requirement, not an option. Platforms operating without registration face criminal penalties — up to two years’ imprisonment and a €30,000 fine.

By the end of 2025, approximately 117 PSANs were registered in France. While that may sound like a lot, it represents only a fraction of total applications. The AMF rejects or requests additional documentation from many applicants, reflecting the rigor of the selection process.

What a PSAN license actually requires

PSAN registration isn’t just a rubber stamp. It commits the platform to specific, verifiable obligations:

Identity verification (KYC)

Every customer must be rigorously identified before using the platform’s services. This KYC (Know Your Customer) process includes verifying identity, address, and often the source of funds. It prevents fraudulent use and protects users against identity theft.

Anti-money laundering (AML)

PSANs must implement a comprehensive AML/CFT framework (Anti-Money Laundering / Combating the Financing of Terrorism). This means continuous transaction monitoring, reporting suspicious activity to Tracfin (France’s financial intelligence unit), and retaining data for at least five years.

Fund segregation

This is the direct lesson from FTX: a PSAN must keep client funds separate from its own operating funds. Your crypto and euros cannot be used by the platform for its own purposes. Had FTX been subject to this requirement, the $8 billion embezzlement would never have happened.

Transparency and disclosure

Fees must be clearly displayed before any transaction. The platform must also inform clients about risks associated with digital asset investments. No hidden fees, no disguised spreads, no quietly changing terms.

Cybersecurity

PSANs must maintain robust IT security systems, subject to regular audits. Client digital asset custody follows strict protocols to prevent hacking.

Registered vs. approved: what’s the difference?

The French framework distinguishes two levels of recognition:

PSAN registration is the mandatory baseline for operating. It verifies that the platform meets minimum requirements: KYC, AML, governance, and cybersecurity. This is the regulatory entry threshold.

PSAN approval (agrément) is a higher, voluntary tier. It imposes stricter requirements: professional liability insurance, minimum capital, enhanced internal controls, and additional client protection obligations. Very few providers have obtained this approval, which signals a deeper commitment to investor protection.

How to check if a platform is PSAN-registered

Before investing on any platform, there’s one simple reflex: verify its registration. The AMF maintains a public whitelist, freely accessible:

🔗 List of registered PSANs and CASPs — AMF Protect Épargne

On this page, you can search for a platform by name and check:

• Whether it’s registered (and the registration date)
• Which services are authorized (buy/sell, custody, exchange, etc.)
• The company’s exact legal name

Important note: PSAN registration is not an investment recommendation from the AMF. It guarantees compliance with a regulatory framework, but doesn’t protect against market volatility or poor investment decisions. The AMF consistently reminds investors that crypto-asset investments carry a risk of capital loss.

Volatility vs. insecurity: two different things

The cryptocurrency market is inherently volatile. Bitcoin can drop 20% in a week, then rebound the following month. That’s a characteristic of this asset class, not a flaw in the platform you’re using.

However, losing your funds because a platform went bankrupt, got hacked, or embezzled client money — that’s operational risk. And that’s precisely what the PSAN framework aims to eliminate.

With a PSAN, you accept market risk (volatility) while significantly reducing or eliminating counterparty risk (platform reliability).

Examples of registered PSANs in France

Here are some French platforms that have obtained PSAN registration from the AMF. Each offers different services tailored to various investor profiles:

Fibo

Registered as a PSAN since July 2024, Fibo takes a wealth management approach to crypto investing. The platform stands out with personalized guidance and allocation tools designed for investors looking to integrate digital assets into a long-term strategy.

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StackInSat

Specializing in automated Bitcoin investing through the DCA (Dollar-Cost Averaging) method, StackInSat offers scheduled recurring purchases. The platform targets investors who want to smooth their market entry by investing regularly, regardless of short-term price swings.

Meria

Founded by Owen Simonin (InvestX), Meria offers buying, staking, and masternode services. The platform has been PSAN-registered since 2021 and caters to technically-minded investors looking to generate additional yield on their crypto holdings.

Binance France

The world’s largest exchange has been PSAN-registered since May 2022 through its subsidiary Binance France SAS. The platform offers a vast catalog of 400+ cryptocurrencies and advanced features (trading, staking, derivatives). Its feature richness can, however, feel overwhelming for beginners.

The future: from PSAN to CASP under MiCA

The regulatory landscape is evolving. Since December 30, 2024, the European MiCA regulation (Markets in Crypto-Assets) has been in effect. It’s gradually replacing national frameworks — including France’s PSAN — with a harmonized EU-wide system.

The new designation is CASP (Crypto-Asset Service Provider), known in French as PSCA. Existing French PSANs benefit from a transitional period: they have until June 30, 2026 to obtain their CASP authorization and gain the ability to operate across the entire European Union through a passporting system.

For investors, MiCA strengthens protections further: higher capital requirements, stricter stablecoin rules, and mandatory white papers for each crypto-asset offered. It’s another step toward market maturity — and a model that could inspire similar frameworks worldwide.

Conclusion

Investing in crypto without verifying your platform’s regulatory status is an unnecessary risk. The FTX and Mt. Gox scandals proved that even the largest exchanges can collapse when operating without oversight. In France, the PSAN framework provides tangible safeguards: identity verification, fund segregation, transparency, and legal recourse.

Before opening an account on any crypto platform, take 30 seconds to check the AMF’s whitelist. That simple habit can make the difference between a controlled investment and a costly surprise.