The two crypto exchanges have received registration as digital asset service providers from the AMF, allowing them to offer their services to the French.
After Binance and Crypto.com, two new giants of the crypto industry are coming to France: OKX and Gemini. The two entities have received PSAN (for digital asset service providers) registration from the Financial Markets Authority (AMF), with Gemini becoming the 105th player and OKX the 106th registered PSAN player from the AMF, according to the AMF website.
OKX was founded in China in 2017 and is licensed to operate internationally in the Bahamas. The crypto exchange has 50 million users. In recent months, the platform has been gaining ground against cryptocurrency giant Binance. OKX applied for PSAN registration with the AMF last May, following the creation of a French subsidiary, OKX France, in April. It is this subsidiary that has received PSAN status from the AMF with the right to offer three services: custody of digital assets, purchase/sale of digital assets for legal tender currency or even exchange of digital assets for other digital assets.
Gemini is an American exchange platform specializing in the trading and preservation of cryptocurrencies, launched by the Winklevoss brothers in 2014. In 2022, the platform went through numerous upheavals related to the crypto market crash, including regular outages. Here it is Gemini’s European entity, Gemini Europe, based in Ireland, which has been granted PSAN status for digital asset custody services, buying/selling digital assets in current legal currency, exchanging digital assets for other digital assets. as the operation of a digital asset trading platform.
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We remind you that, introduced in 2019 by the Pacte law, PSAN registration is mandatory for cryptocurrency players in certain areas, especially if they wish to provide safekeeping of digital assets and/or buying or selling services in France. digital assets in legal tender currency. Now 106 players have obtained this license, including the giants Binance and Coinhouse.
Faced with scandals in the crypto world in 2022, including the fall of the giant FTX, this classic registration was replaced on July 1 by the so-called “enhanced” registration, the first allocations of which will be made in January 2024. is the approval of PSAN, which was also introduced in 2019 .This is increasingly difficult for players to obtain, as they must meet capital requirements (between 50,000 and 150,000 euros) or have a liability insurance contract that provides guarantees to their customers in case of problems. In mid-July, Société Générale’s subsidiary, SG Forge, received this approval. He is the only actor to have received such a grail so far.