Key Takeaways:
- AMF revoked AUTOMATA France's PSAN registration effective June 30
- Firm conducted crowdfunding services without required authorization
- AUTOMATA must return control of digital assets to clients
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AMF revokes AUTOMATA France's registration on June 30 over crowdfunding breach
The French AMF revoked AUTOMATA France SAS's digital asset service provider registration on June 30, citing the firm's operation of unlicensed crowdfunding services through its Vancelian.com platform.
"The company carried out crowdfunding activities without obtaining the necessary authorization, and its management and significant shareholders did not meet requirements for integrity and competence," the Autorité des Marchés Financiers said in its enforcement notice.
AUTOMATA France, which operated under a PSAN registration, must now terminate all related operations and may only carry out actions necessary for liquidation. The regulator ordered the firm to promptly return control of digital assets to its clients and said it would continuously monitor the business exit process.
The revocation marks one of the first enforcement actions under France's PSAN regime against a registered firm for conducting unauthorized crowdfunding activities. It signals that the AMF is actively monitoring registered entities for compliance beyond their stated license scope, a development that could prompt other French crypto firms to audit their product offerings against regulatory boundaries.
The AMF's action against AUTOMATA France comes as European regulators tighten oversight of digital asset firms under the Markets in Crypto-Assets framework, which took full effect across the European Union in 2025. France's PSAN regime, which predates MiCA, requires registered firms to obtain separate approvals for distinct financial activities — a requirement AUTOMATA France allegedly violated by offering crowdfunding services without the mandated authorization.
The case highlights the growing regulatory complexity for crypto firms operating in Europe. While MiCA provides a unified licensing framework for crypto-asset services across the EU, national regulators like the AMF retain authority over activities that fall outside MiCA's scope, such as crowdfunding. Firms offering multiple financial services must navigate overlapping regulatory regimes, each with its own authorization requirements.
For AUTOMATA France's clients, the immediate priority is the return of their digital assets. The AMF's monitoring of the liquidation process suggests the regulator is seeking to avoid the kind of customer losses that have followed other crypto platform collapses. The broader implication for the sector is that regulators are increasingly willing to revoke registrations for compliance failures, not just for fraud or insolvency.
Industry reaction to the enforcement action was not immediately available.
This article is for informational purposes only and does not constitute investment advice.
