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Is MEXC banned in France? Everything you need to know
MEXC is still accessible in France , but it now faces regulatory restrictions . In June 2024 , the platform was added to the blacklist of the French Financial Markets Authority (AMF) , meaning it is not authorized to offer its services to French residents .
However, access to the site has not been blocked by internet service providers (ISPs) in France, and users can still open an account and trade . That said, this situation raises several key questions:
- What are the real risks of using MEXC in France?
- Why was the platform blacklisted?
- Are there safe and regulated alternatives for investing with peace of mind?
In this article, we'll clarify the situation of MEXC in France , explain what its blacklisting really means , and guide you towards the best options for investing in crypto safely . 🚀
Table of contents
Consequences of MEXC being blacklisted in France
The AMF (French Financial Markets Authority) added MEXC to its blacklist in June 2024. This AMF blacklist includes unregulated exchanges that do not comply with the legal obligations imposed on platforms wishing to offer trading in France. Specifically, to be authorized to operate with French residents, a platform must be registered with the PSAN register, meaning it must be registered as a Digital Asset Service Provider.
A crypto platform that is not registered as a Digital Asset Service Provider (DASP) is not allowed to actively solicit French customers . In theory, this means that users in France should not be able to register or deposit funds on it .
Why would MEXC be banned "in theory" in France?
The AMF does not have the necessary enforcement powers to technically block access to MEXC or completely prevent French users from depositing funds there. Unlike banking regulators, which can impose direct restrictions on financial institutions , the AMF cannot directly block transactions between a platform and its clients.
🔹 No legal ban for MEXC users in France
- There is no law in France prohibiting individuals from using a blacklisted platform .
- The ban concerns the platform itself , which is not allowed to operate in France , but this does not mean that French users are breaking the law by accessing it.
- The only possible legal sanction would be against the platform itself , but as long as MEXC does not have an entity in France , it is difficult to initiate legal proceedings.
🔹 No control over MEXC's international payment methods
- The AMF has no authority over foreign means of payment used to fund an account on MEXC (cryptocurrencies, transfers from banks outside the EU, prepaid cards, etc.).
- Although some French banks may refuse transactions to MEXC, this remains on a case-by-case basis and depends on the bank's policy, not on a general ban.
2️⃣ MEXC cannot advertise in France
One of the levers used by the AMF to limit the influence of MEXC is to prohibit any promotion of the platform in France .
How does the AMF enforce these prohibitions?
The AMF has several levers at its disposal to limit the promotion of MEXC in France:
Active monitoring of MEXC advertisements in France
- The AMF monitors advertising campaigns on Google, YouTube, TikTok, Instagram and other platforms .
- She can ask these platforms to remove illegal ads promoting MEXC.
Warnings and sanctions against influencers
- The AMF can prosecute any influencer or media outlet based in France that promotes MEXC.
- Several influencers have already been sanctioned for illegally promoting unregulated platforms .
Request to remove illegal content from MEXC in France
- If a French website, blog or forum promotes MEXC, the AMF can ask the hosting providers to remove the content .
Blocking of MEXC's paid advertising campaigns in France
- Companies like Meta (Facebook, Instagram), Google and TikTok often apply restrictions on the promotion of blacklisted platforms.
- Google Ads already prohibits advertising for non-PSAN exchanges in France.
Can MEXC still be used in France in 2024?
The risks of using MEXC in France
❌ No recourse in case of problems
If your funds are blocked or in case of a dispute, you will not be able to turn to a French authority to obtain redress .
❌ Regulatory compliance issues
MEXC could one day be totally blocked in France if the AMF asks Internet service providers (ISPs) to restrict access .
❌ Possible account freezing
MEXC has already been accused of blocking some users' accounts under the pretext of "suspicious activities", without clear explanation.
What are the best alternatives to MEXC in France?
To avoid the risks associated with MEXC , we advise opting for a regulated and registered PSAN platform .
You can invest in cryptocurrencies with Gemini.
The platform offers:
- Top-notch security, with “cold” storage of the majority of funds
- A dual interface: a simplified application for beginners and ActiveTrader , an advanced platform offering decreasing fees according to volume and a competitive order book.
- Access to more than 60 cryptocurrencies, as well as a rare offering on the market: tokenized stocks (Nvidia, Apple, etc.). These products replicate the price of real stocks via tokens issued directly on the Gemini platform, allowing them to be purchased and traded 24/7 like cryptocurrencies, without going through a traditional stock broker.
- Strict regulatory compliance, with Gemini being one of the first platforms approved in the United States and holding the European license ( MiCA ).
- Additional services such as staking to generate returns on these cryptocurrencies.
Gemini therefore allows you to invest in both cryptocurrencies and tokenized stocks, all in a secure and regulated environment.
An alternative to MEXC in France: investing in crypto without going through a centralized exchange
If you want to completely avoid the risks associated with centralized exchanges , an alternative is to buy and store your cryptos directly from a decentralized wallet ( Metamask , Exodus, Trust Wallet …) .
The advantages of decentralized trading (DeFi):
✔️ No central platform controls your funds
✔️ Ability to buy directly on the
blockchain ✔️ Total anonymity, no KYC
📌 Want to learn how to decentralize your funds and secure your crypto?
We've created a step-by-step on how to:
- Buy cryptocurrencies safely
- Store your assets on a decentralized wallet
- Interacting with the blockchain without an intermediary
📥 You can download our free crypto guide by filling out the form below. It teaches you how to buy your first cryptocurrencies on a centralized exchange and how to use a decentralized wallet with blockchain technology. It's an ultra-detailed, step-by-step guide with screenshots:
Can MEXC circumvent these bans in France?
Even though MEXC cannot advertise directly in France , some strategies still allow it to reach users:
Use of foreign influencers : A content creator based outside of France can still talk about MEXC.
Indirect advertising : Some websites or media outlets use altered keywords to avoid being detected.
Unofficial campaigns : Affiliates can create blogs, YouTube channels or Telegram groups to promote MEXC, without the platform appearing officially.
SEO and social media : MEXC can still be mentioned in articles, forums, videos and discussions , without formal advertising.
What are the risks for those who promote MEXC in France?
For influencers and media :
- Financial penalties (fines that can amount to several hundred thousand euros).
- Legal risks if the AMF considers that there is deception or incitement to illegal activity.
- Blocking advertising accounts (Google, Facebook, TikTok).
For French traders :
- Risk of restricted access in the event of future site blockage.
- No recourse in case of a dispute with MEXC.
3️⃣ The MEXC website may be blocked by French ISPs (Internet Service Providers)
Although this is not yet the case for MEXC, the AMF can ask Internet service providers (ISPs) in France (Orange, SFR, Bouygues, Free, etc.) to block access to the MEXC website .
🔹 How does the blockage occur?
- The AMF must obtain a court order to block MEXC in France.
- Once the decision is made, French ISPs are forced to restrict access to the MEXC website via their networks.
🔹 Limitations of ISP blocking
- This type of blocking is not foolproof , as users can still bypass these restrictions via VPNs or alternative DNS servers .
- MEXC could also regularly change domains to avoid blocks.
⚠️ Being blacklisted does not necessarily mean that MEXC is a scam . It simply means that the platform does not comply with French regulatory requirements and cannot operate legally in France .
Why is MEXC blacklisted in France?
The AMF added MEXC to its blacklist in June 2024 because the platform does not comply with the requirements imposed on Digital Asset Service Providers (DASPs) . It operates without legal authorization in France , which makes it illegal in the eyes of the regulator .
Lack of PSAN registration: Why didn't MEXC obtain it?
What is PSAN accreditation?
Since the PACTE law of 2019 , any crypto platform wishing to offer services to French residents must obtain PSAN registration with the AMF. This registration aims to ensure a minimum level of user protection and regulatory compliance .
To be registered as a Digital Asset Service Provider (DASP), a platform must meet several requirements , including:
1️⃣ Anti-money laundering and counter-terrorist financing (AML/CFT) obligations
2️⃣ Full transparency regarding the identity of the company's directors and beneficial owners
3️⃣ Requirements for securing client assets
4️⃣ An obligation to communicate and comply with the French authorities
MEXC does not meet these criteria , which explains why it has never obtained PSAN registration.
How can MEXC fail to comply with French PSAN requirements?
1️⃣ Non-compliance with anti-money laundering (AML/CFT) regulations
- PSAN platforms must implement strict customer verification procedures ( KYC – Know Your Customer) .
- MEXC allows users to register and trade with limited KYC , which goes against PSAN requirements.
- The AMF also requires monitoring of suspicious transactions and reporting to the authorities , which MEXC does not guarantee.
2️⃣ Lack of transparency regarding the identity of the leaders
- To obtain PSAN registration, a platform must provide the full identity of its directors and beneficial owners .
- MEXC is based in the Seychelles , a jurisdiction known for its financial opacity , and the true identity of the platform's owners is unclear .
- The AMF refuses to register companies whose beneficial owners are not clearly identified .
3️⃣ No guarantees regarding the security of client funds
- Digital asset service providers (DASPs) must guarantee that user funds are secure and kept separate from the platform's own funds to avoid any risk of misappropriation.
- There is no guarantee that MEXC will respect this separation, thus increasing the risk of losses in the event of bankruptcy or hacking .
Warnings from regulators other than France regarding MEXC
MEXC is not only problematic for France. Other international regulators have issued warnings about it:
- Germany : The regulatory authority BaFin has warned against the lack of a license for MEXC on the German market.
- Canada : The platform is considered non-compliant by some Canadian regulators.
- Hong Kong : Warnings have been issued about the transparency and risks associated with MEXC .
Blacklisting in France vs. PSAN registration: What's the difference?
Not all non-PSAN platforms are necessarily blacklisted
- Kraken is not registered PSAN , but it is not blacklisted .
- Why? Because they do not actively target French customers and avoid marketing campaigns in France .
MEXC was blacklisted because it was operating illegally in France
- A non-PSAN platform that advertises, offers an interface in French and solicits French customers may be blacklisted.
- This is the case of MEXC, which continued to offer its services to French people without PSAN registration .
Conclusion: Should MEXC still be used in France?
Summary of key points:
✅ MEXC is still accessible from France , but it is on the AMF's blacklist .
❌ It is not a Digital Asset Service Provider (DASP) and is therefore not authorized to offer its services to French citizens .
❌ Users have no legal protection in case of problems .
✅ Alternatives like Bitvavo, Binance , Coinbase , and Crypto.com are much safer .
✅ An even more secure option is to hold your cryptocurrencies in a decentralized environment .
If you are looking for a regulated, simple and effective solution , we recommend using a PSAN exchange or opting for a fully self-managed .
Investments in cryptocurrencies are risky. Crypternon could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a property or service put forward in this article. Readers must do their own research before undertaking any action and investing only within the limits of their financial capacities. Past performance does not guarantee future results. This article does not constitute an investment advice.
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AMF recommendations. There is no guaranteed high yield, a product with high performance potential implies a high risk. This risk taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital .
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Yoann
Training engineer, I quickly became interested in the field of finance. Convinced that decentralized finance has a bright future ahead of it, I participate in its democratization by developing Crypternon.
