In a significant development for the European cryptocurrency landscape, two major global exchanges—OKX and Gemini—have officially obtained their PSAN (Prestataires de Services sur Actifs Numériques) registration from France’s financial regulator, the Autorité des marchés financiers (AMF). This milestone marks a pivotal moment in the ongoing alignment of international crypto platforms with France’s structured regulatory framework.
The announcement, confirmed on December 14, 2023, underscores France's growing appeal as a jurisdiction that balances innovation with investor protection. With the implementation of MiCA (Markets in Crypto-Assets Regulation) on the horizon, this move signals increasing confidence among top-tier crypto firms in establishing a compliant presence within the EU.
What PSAN Registration Means for Crypto Platforms
PSAN registration is a mandatory requirement for any company offering digital asset services in France. It ensures that platforms meet strict standards related to anti-money laundering (AML), cybersecurity, consumer protection, and operational transparency.
For OKX and Gemini, this approval allows them to legally provide the following services in France:
- Custody of digital assets
- Buying and selling digital assets against fiat currency
- Exchanging one digital asset for another
Additionally, Gemini has secured authorization to operate a digital asset trading platform—a critical capability that enables it to serve French retail and institutional investors directly.
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This regulatory green light does not require immediate public announcements from the companies, which may explain why neither OKX nor Gemini has issued official statements on social media or press channels. However, the inclusion in the AMF’s official registry confirms full compliance and operational legitimacy within French borders.
Notably, two other firms—Cifralfabeto and Jobchain—were also approved on the same day, reflecting a broader trend of fintech innovation being formally integrated into France’s financial ecosystem.
OKX’s Strategic Expansion in Europe
OKX’s PSAN approval follows months of strategic positioning in the European market. The exchange formally announced its application back in May 2023, coinciding with plans to launch OKX France, a localized entity designed to cater specifically to French-speaking users.
This expansion comes at a time when OKX has been gaining substantial market share amid regulatory challenges faced by other major players like Binance. According to data from DefiLlama, OKX ranks as the third-largest centralized exchange by assets under management (AUM), holding approximately $12.68 billion in total value locked (TVL).
Over the past year, OKX has seen its TVL increase by $2.54 billion, marking the highest growth rate across all major platforms during that period. While part of this rise correlates with overall market rallies in crypto prices, the platform’s user acquisition and product innovation—such as launching its own Layer 2 network using Polygon’s development kit—have played a crucial role in attracting new capital.
Even over the last six months alone, OKX added $1.49 billion in TVL, trailing only Binance, which gained nearly $5.28 billion in the same window. These figures highlight OKX’s accelerating momentum as it strengthens its infrastructure and global compliance posture.
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Gemini Steps Into the French Market
While OKX has been actively expanding across Europe, Gemini’s entry into France represents a new chapter for the Winklevoss-founded exchange. Until now, Gemini had maintained a limited presence in continental Europe, focusing primarily on U.S. and select international markets.
With PSAN status—and particularly the added approval to run a trading platform—Gemini can now offer its full suite of services to French users, including spot trading, custody solutions, and potentially staking products in the future.
This development aligns with Gemini’s long-term vision of becoming a trusted gateway for regulated crypto access worldwide. As MiCA regulations begin rolling out across EU member states in 2025, early movers like Gemini stand to benefit from first-mover advantages in customer trust and brand recognition.
Why France Is Becoming a Crypto Regulatory Hub
France’s proactive yet balanced approach to crypto regulation is increasingly drawing global attention. Unlike jurisdictions with ambiguous or restrictive policies, France offers a clear licensing pathway through the PSAN framework—enabling exchanges to operate legally while protecting consumers.
Key reasons why platforms like OKX and Gemini are choosing France include:
- Regulatory clarity: The AMF provides detailed guidelines and responsive support for applicants.
- EU market access: A strong foothold in France facilitates broader expansion across Europe.
- Innovation-friendly environment: Initiatives like the Sandbox program encourage fintech experimentation under supervision.
- Alignment with MiCA: Early compliance prepares firms for upcoming EU-wide rules.
As more global players seek formal recognition, France is positioning itself not just as a gateway to Europe—but as a model for responsible digital asset regulation.
Frequently Asked Questions (FAQ)
Q: What is PSAN registration?
A: PSAN (Prestataire de Services sur Actifs Numériques) is a regulatory status required for any company providing crypto-related services in France. It ensures compliance with AML, consumer protection, and cybersecurity standards set by the AMF.
Q: Can I use OKX and Gemini in France now?
A: Yes. With PSAN approval, both platforms are authorized to offer regulated digital asset services to French residents, including trading, custody, and fiat on-ramps.
Q: Does PSAN registration mean these platforms are fully compliant with EU MiCA rules?
A: Not exactly. PSAN is France’s national framework. While it shares similarities with MiCA, full MiCA compliance will be required when the regulation becomes enforceable across the EU—expected in 2025.
Q: Are my funds safe on OKX or Gemini if they’re registered in France?
A: PSAN registration mandates robust security and transparency measures. However, crypto investments remain volatile and are not covered by traditional deposit insurance schemes. Always invest responsibly.
Q: Will these platforms offer euros (EUR) trading pairs?
A: Yes. As part of their PSAN obligations, both OKX and Gemini must support fiat currency transactions, including EUR deposits and withdrawals via compliant payment methods.
Q: How does this affect competition among crypto exchanges in Europe?
A: It raises the bar for market entry. Only well-capitalized, compliant platforms can sustain operations under strict regulation—favoring established players over smaller or unregulated ones.
The Road Ahead: MiCA and Market Consolidation
As we approach 2025, the rollout of MiCA will reshape the European crypto landscape. The regulation aims to standardize licensing, disclosure requirements, and investor safeguards across all EU countries.
Platforms like OKX and Gemini, which have already secured national registrations such as PSAN, are better positioned to transition smoothly into MiCA-compliant entities. Their early investments in legal infrastructure suggest a long-term commitment to serving European users responsibly.
Meanwhile, users can expect enhanced transparency, improved dispute resolution mechanisms, and greater confidence in the legitimacy of their chosen platforms.
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The dual approval of OKX and Gemini sends a powerful message: France is open for crypto business—if you play by the rules. For investors, this means safer access to global platforms; for innovators, it signals that compliance and growth can go hand in hand.
As more exchanges follow suit, Europe’s vision of a secure, unified crypto market inches closer to reality.