AMF Blacklists 38 Unauthorized Crypto Platforms in France
France's financial markets regulator, the Autorité des marchés financiers (AMF), has added 38 names to its list of unauthorized crypto platforms since the start of 2026. If you've bought, sold, or staked crypto through a French-facing service this year, it's worth pausing to check whether that platform is legally allowed to operate, because using an unlicensed provider doesn't just put your money at risk. It can also complicate your crypto tax position considerably.
What the AMF Actually Published
On 8 July 2026, the AMF released an updated public warning listing new internet-based operators that are offering crypto assets or crypto-related services in France without the required authorization. Since 1 January 2026, the regulator has flagged 38 such operators in this single update cycle.
Where the Full Blacklist Lives
The complete list of unauthorized platforms is maintained in two places. You can find it under the "Espace Épargnants" section of the AMF's official website (amf-france.org), specifically under the "Protéger son épargne" heading. It's also published on the Assurance Banque Épargne Infoservice (ABEIS) site, under "Prévention arnaques." Both lists are updated regularly, but the AMF is clear that neither is exhaustive. New unauthorized or fraudulent actors appear constantly, so a platform that isn't on the list today could be added tomorrow.
How to Verify a Platform Is Authorized
Any business offering crypto asset services in France needs to be registered as a Prestataire de Services sur Crypto-Actifs (PSCA). The AMF maintains a public PSCA register on its website. Before you put money into any platform, you can check that register directly. If the name isn't there, treat the platform as unauthorized until proven otherwise. You can also call the AMF's consumer line on 01 53 45 62 00, Monday to Friday, 9:00 to 12:30, at the cost of a local call. The AMF Protect Epargne portal is another route for checking or reporting suspicious platforms.
Why 38 New Flagged Platforms in One Year Matters
Thirty-eight additions in roughly six months is a meaningful signal about the pace at which unauthorized crypto services are targeting French savers. The AMF has been operating a PSCA registration regime since the transposition of EU rules into French law, and MiCA (the EU Markets in Crypto-Assets Regulation) is progressively raising the bar across all EU member states. That regulatory tightening appears to be prompting some operators to avoid the registration process entirely and instead try to solicit French retail investors without authorization.
The Difference Between Unauthorized and Fraudulent
The AMF's language covers two distinct categories. Some platforms on the blacklist are simply operating without having completed the PSCA registration process, which can be a compliance failure rather than outright theft. Others are genuinely fraudulent, meaning they're designed to take your money and disappear. From a practical standpoint, you shouldn't treat that distinction as protective. An unregistered platform that isn't overtly a scam today still offers you none of the investor safeguards that come with authorized status, and you'd have very limited recourse if things went wrong.
The Crypto Tax Angle: Why This Affects Your Obligations
You might think a regulator's blacklist is purely about investor protection and has nothing to do with your crypto tax obligations. In practice, the two are tightly connected.
Losses on Unauthorized Platforms Are Still Taxable Events
Under French tax rules, gains and losses on crypto assets are generally treated as capital disposals. If you sold crypto on an unauthorized platform at a gain, that gain is still taxable regardless of the platform's legal status. The AMF's blacklist does not create a tax exemption. Equally, if you suffered a loss, whether the platform simply performed badly or was outright fraudulent, the tax treatment of that loss depends on specific French rules around theft and fraud losses, and it requires proper documentation rather than assumptions.
Record-Keeping Becomes Much Harder
Authorized PSCA operators are subject to AMF oversight and must keep records that you can later request. Unauthorized platforms have no such obligation. If your platform ends up on the blacklist, or was already on it, you may find that transaction histories, cost basis records, and fiat on-ramp documentation simply disappear. That's a serious problem when you need to calculate crypto taxes accurately for the French tax authority (Direction générale des Finances publiques, or DGFiP). Reconstructing a full transaction history from wallet addresses and blockchain explorers is possible but time-consuming, and gaps in records increase your risk of an incorrect filing.
Using a Crypto Tax Calculator with Incomplete Data
A reliable crypto tax calculator or crypto tax report tool can pull transaction data directly from blockchain networks and exchange APIs, helping you reconstruct your history even when a platform has gone dark. This matters because the DGFiP expects you to report all disposals, not just the ones where you have a convenient CSV export. If you've used a platform that now appears on the AMF blacklist, pulling on-chain data is often the most practical starting point for getting your records in order before the next filing deadline. For a broader look at how enforcement actions at the European level can affect your tax records, see what a recent European enforcement takedown means for your crypto taxes.
Practical Steps If You've Used an Unverified Platform
Step 1: Check the AMF Register Now
Go to the AMF's PSCA register and search for every platform you've used in 2026. This takes a few minutes per platform and gives you certainty rather than guesswork. If a platform isn't listed, contact the AMF to ask, or call their helpline before making any further deposits.
Step 2: Download Everything You Can
If you're using a platform that turns out to be unauthorized, download your full transaction history, deposit and withdrawal records, and any KYC documentation immediately. Platforms that are operating without authorization may not be around for long. Once they're gone, your records may go with them.
Step 3: Reconstruct Your Cost Basis
Even if you can't get a clean export, your wallet addresses are a permanent record on the blockchain. Use those addresses as a starting point to calculate crypto taxes correctly. French tax rules require you to track the acquisition price of each crypto asset, so having an accurate cost basis is essential, not optional.
Step 4: Consider How to Handle Potential Fraud Losses
If a platform you used turns out to be fraudulent and you lost funds, the tax treatment is not automatic. French tax law has specific conditions under which losses from theft or fraud can be deducted or recognized. You'll want to document the loss carefully, including any reports made to authorities, before including anything in a crypto tax report. Speaking to a qualified tax adviser is sensible here rather than making assumptions.
The Broader Regulatory Picture
The AMF's action sits within a wider EU-wide push to bring crypto services under proper supervisory frameworks. MiCA is the cornerstone of that effort, and France has been an active participant in shaping how it applies at the national level. The pace of blacklist additions this year suggests the regulator is taking its enforcement role seriously as MiCA's requirements bed in.
For retail investors in France, the practical message is straightforward. The onus is on you to verify a platform's status before using it. The AMF's lists and registers are free, publicly accessible, and updated regularly. There's no good reason not to check. And if you're unsure how enforcement actions and compliance failures across the crypto industry might affect how you file your taxes, the connection between AML compliance and accurate tax reporting is explored in more depth in our piece on how the HMRC economic crime handbook connects compliance to your crypto tax calculator.
Frequently Asked Questions
What does it mean if a platform is on the AMF blacklist?
It means the platform has been identified as offering crypto assets or crypto services in France without the authorization required under French and EU law. It does not automatically mean the platform is a scam, but it does mean it has none of the regulatory protections that come with authorized status, and you have limited recourse if something goes wrong.
Is the AMF blacklist complete?
No. The AMF explicitly states that the list is updated frequently but is not exhaustive. New unauthorized platforms appear constantly, so a platform's absence from the list is not confirmation that it's authorized. Always check the PSCA register directly.
Do I still have to pay crypto tax if I used an unauthorized platform?
Yes. Your tax obligations to the DGFiP are based on your actual disposals and gains, not on whether the platform you used was authorized. Using an unlicensed platform does not create a tax exemption. It may, however, make it harder to calculate your crypto taxes accurately if your records are incomplete.
What if I lost money on a platform that turned out to be fraudulent?
Losses from fraud or theft are not automatically deductible under French tax law. The treatment depends on specific conditions and requires documentation. You should record all evidence of the loss and consult a qualified tax professional before including anything in your crypto tax report.
How do I check if a platform is authorized in France?
Check the PSCA register on the AMF's official website at amf-france.org. You can also call the AMF consumer helpline at 01 53 45 62 00 (Monday to Friday, 9:00 to 12:30) or use the AMF Protect Epargne portal. If the platform isn't on the PSCA register, don't use it until you've confirmed its status.