French regulators have identified roughly 90 crypto companies operating in France without MiCA authorization, and they are escalating warnings as the June 30, 2026 regulatory cutoff gets closer. The concern is less about the headline number and more about posture: silence, outright refusal to apply, and slow-moving engagement are creating a growing enforcement and market-structure overhang.
AMF and ACPR are pushing firms to present compliant transition plans or execute orderly exits before the end of the transitional period. In parallel, ESMA has reinforced the expectation that unauthorized operators must prepare “orderly wind-down plans,” making it clear the runway to operate without authorization is closing.
French regulator says some crypto firms unresponsive as EU licence deadline approaches https://t.co/viWYHc1t2J https://t.co/viWYHc1t2J
— Reuters Tech News (@ReutersTech) January 14, 2026
How firms are responding
The response profile among the flagged entities is fragmented. Around 30% did not respond to regulators, 40% said they will not pursue MiCA authorization, and roughly 30% have initiated the licensing process. AMF executive Stéphane Pontoizeau characterized the lack of engagement as a “grave concern,” emphasizing that MiCA compliance is treated as a non-negotiable requirement under the new framework.
Authorities are also signaling a preference for tighter coordination at the EU level. France has floated the possibility of blocking passporting for firms licensed elsewhere in the EU, a step positioned as a market-integrity measure to reduce regulatory arbitrage and fragmentation across member states.
What this means for market access and liquidity
For institutional and professional participants, the near-term direction is consolidation. Market access and custody are likely to concentrate among operators that can maintain uninterrupted EU eligibility after June 30, 2026. In France, CoinShares and Relai are cited as already authorized, while larger global platforms including Circle, Coinbase, OKX, Crypto.com, Binance, and Revolut are described as having obtained EU approvals.
For firms that refuse licensing, the path narrows to two outcomes. They either execute an orderly exit from EU markets or face enforcement actions that force local cessation. ESMA’s wind-down planning requirement makes the offboarding operationally manageable, but it also implies customer migration costs, potential liquidity disruption, and short-term friction in access and pricing as flows re-route to compliant venues.
Regulators are simultaneously stepping up public messaging. The clear directional signal is that authorized providers are being positioned as the safer conduits for euro-denominated flows and retail access, which further reinforces the consolidation dynamic.
Looking into the deadline, the market will treat June 30, 2026 as a real stress test. If a meaningful share of non-licensed operators exits, on-ramps could tighten and competitive pricing may compress, raising cost-to-access liquidity. If authorized firms absorb the displaced flow effectively, custody depth and trading liquidity could expand—but within a smaller, more concentrated set of regulated rails.