Has Mica become a bane for Crypto Exchanges? European regulations now require strict compliance. Faced with this, several major players close, for lack of a compatible frame. Today, Kucoin abandons France. This withdrawal shows that even the giants of the crypto industry no longer find thanks to Mica. So, how long before other platforms reduce their offers or leave the territory, for lack of regulatory congruence?
In short
- Kucoin will close all of his French services on August 25 because of the Mica regulations.
- From August 4, no more deposit, withdrawal or new account will be accepted.
- The AMF placed Kucoin on its blacklist after a massive laundering accusation.
- Kucoin hoped to regularize via Austria, but the Mica license escaped him.
Kucoin, the crypto deregulation comes up against Mica
Kucoin, transmitter of Kucoin Token, confirmed theJudgment of its services in France in July. According to the official account, ” We regret informing that Kucoin will no longer be able to provide services to users residing in France, in accordance with local regulators and legislation».
From the August 4deposits and new accounts will be blocked. On the other hand, Kucoin ensures that the majority of users remain outside the perimeter. This withdrawal follows a investment On the black AMF list in April 2024after accusations of money laundering of more than 4 billion USD (absence of kyc in the United States).
In addition, the current model reveals the faults of a system where regulations impose insurmountable loads on the Crypto exchanges without Mica license.
A platform under strategy and contrast
Kucoin tried toGet a mica license in Austriawithout success. According to support tweets“If an account is affected by the disengagement process, it will receive an official notification by email and/or SMS».
This transition reveals A strategy coupled with uncertainties : Kucoin says he wants to comply while his previous practices still weigh. Leaving the impression of a crypto actor taken between two worlds: digital innovation and strict regulatory standards.
In parallel, the laundering case weakens its credibility in the crypto industry. History recalls BybitWho had already left the French market in early 2024. In short, any platform without approval runs a real risk.
To remember before August 25, 2025:
- Deposits and new inscriptions will be frozen on August 4;
- The French accounts will be liquidated and Kucards deactivated on August 25;
- Kucoin has 400 million users worldwide, but the French stop affects a limited number;
- Accusations of money laundering in the United States still weigh, despite a mica request in Austria;
- This episode illustrates the rise of Mica on the entire crypto industry.
France is distinguished today by its severe approach to the Crypto sector. But it could soon be less welcoming for the Stablecoins. The Banque de France recently sounded alarm on the risks linked to these stable currencies. This Kucoin withdrawal may only be the start, in a market that redefines its borders.
Maximize your Cointribne experience with our 'Read to Earn' program! For each article you read, earn points and access exclusive rewards. Sign up now and start accumulating advantages.
