Banks and Crypto in France: 2025 Overview

Introduction: A Complicated Relationship

From historic distrust to gradual openness: the evolution of bank-crypto relations in France.

The relationship between the French banking sector and the crypto ecosystem has long been marked by mistrust, even hostility. Arbitrary account closures, blocked wire transfers, intrusive questionnaires: for years, French crypto actors have had to navigate a hostile banking environment.

In 2025, the situation is evolving. On one hand, European regulations (MiCA) legitimize regulated crypto actors. On the other, some French banks are developing their own offerings, such as SG-Forge (Societe Generale), which issues stablecoins and tokenizes bonds.

This guide provides an overview of the current state of bank-crypto relations in France, available solutions, and future prospects.

Table of Contents

1. Historical context: banks vs. crypto
2. French banks and crypto in 2025
3. Opening a bank account in crypto
4. Exchange-bank relations
5. Crypto services offered by banks
6. Regulation and constraints
7. 2025-2030 outlook
8. FAQ

1. Historical Context: Banks vs. Crypto

Debanking, account closures, and the right to a bank account: a look back at a tumultuous decade.

1.1 A Decade of Distrust (2013–2023)

Timeline of tensions:

1.2 The "Debanking" Phenomenon

Debanking refers to the unilateral closure of bank accounts belonging to crypto-related actors.

Typical testimonials:

• Individual: "My bank closed my account after a EUR50,000 transfer from Binance"
• Business: "Impossible to open a business account for our crypto startup"
• DASP: "We were rejected by 12 banks before finding one"

Justifications cited by banks:

• Money laundering risk
• Inability to trace fund origins
• Commercial policy (no further explanation)
• Reputational risk

1.3 Legal Framework: Right to a Bank Account

In France, the right to a bank account (Article L.312-1 CMF) guarantees access to basic banking services:

"Any natural or legal person domiciled in France, lacking a deposit account, has the right to open such an account at the credit institution of their choice."

Procedure in case of refusal:

1. Obtain a written refusal attestation
2. File with the Banque de France
3. The BdF designates an institution obligated to open the account

Limitations:

• Applies only to basic services
• Does not prevent restrictions on crypto transfers
• Lengthy process (2–3 months)

2. French Banks and Crypto in 2025

SG-Forge, crypto-friendly neobanks, and stablecoins: mapping the French banking ecosystem.

2.1 Major Bank Positions

2.2 Societe Generale — Forge (SG-Forge)

French leader in crypto banking innovation:

EURCV (EUR CoinVertible):

• 1:1 stablecoin pegged to the euro
• Reserves held at Banque de France
• Available on Ethereum
• For institutional clients

2.3 Online Banks and Neobanks

2.4 Crypto-Native Neobanks

3. Opening a Bank Account in Crypto

Individuals and crypto businesses: strategies for accessing banking services in France.

3.1 Difficulties Encountered

For individuals:

• Questions about fund origins
• Multiple document requests
• Account closure after large crypto transfers

For crypto businesses:

• Systematic refusals from many banks
• Extensive due diligence
• Long opening delays (3–6 months)

3.2 "Crypto-Friendly" Banks

Individuals:

Crypto businesses:

3.3 Documentation to Prepare

For an individual with significant crypto activity:

For a crypto business:

3.4 Remedies in Case of Refusal

Step 1: Written request for reason

• The bank must provide a written refusal attestation
• Deadline: 15 days

Step 2: Banking mediation

• File with the bank's mediator
• Free, approximately 2-month timeline

Step 3: Right-to-account procedure

• File with the Banque de France using the attestation
• The BdF designates a bank within 24 hours
• That bank MUST open an account (basic services)

Step 4: Legal action

• If proven discrimination
• Lengthy and costly, rarely used

4. Exchange-Bank Relations

Blocked transfers, documentation requests, and best practices: effectively managing crypto banking flows.

4.1 SEPA Transfers In/Out

Current situation:

4.2 Common Problems

4.3 Best Practices

To avoid blockages:

1. Inform your bank: Warn before a large transfer
2. Split transfers: Avoid transfers > EUR10,000 at once
3. Document: Keep proof of all transactions
4. Use French DASPs: Easier to justify
5. File taxes properly: Proof of good faith

4.4 Large Amounts (> EUR50,000)

Recommended procedure:

5. Crypto Services Offered by Banks

Custody, OTC trading, and structured products: the crypto offering of traditional French banks.

5.1 Institutional Custody

5.2 OTC Trading Desk

Some investment banks offer OTC crypto trading services for institutional clients:

• Execution of large orders
• Minimized market impact
• Banking counterparty

5.3 Investment Advisory

5.4 Structured Crypto Products

Some banks offer structured products with crypto exposure:

• Capital-protected notes + capped BTC performance
• Tracker certificates
• Custom products (private banking)

Note: Often high fees and complex tax treatment

6. Regulation and Constraints

ACPR, AML/CFT, Basel III, and MiCA: understanding the applicable regulatory framework.

6.1 ACPR Requirements

The Prudential Supervisory and Resolution Authority (ACPR) requires banks to:

• Apply enhanced due diligence on crypto-related clients
• Issue questionnaires about fund origins
• File Tracfin reports in case of suspicion

"Credit institutions must exercise particular vigilance over operations linked to crypto-assets, given the risks of money laundering and terrorist financing."

Source: ACPR, 2023 Guidelines

6.2 AML/CFT Applied to Crypto

Anti-Money Laundering and Counter-Terrorism Financing obligations require:

6.3 Basel III and Crypto Weighting

Banking prudential rules (Basel III) impose risk weighting on crypto exposures:

Consequence: Banks have little economic incentive to hold Bitcoin directly.

6.4 MiCA and Expected Changes

The MiCA regulation (applicable 2024–2025) should:

• Legitimize regulated DASPs/CASPs
• Facilitate banking relationships for licensed actors
• Harmonize practices at the European level

7. 2025–2030 Outlook

Gradual banking integration, digital euro, and future scenarios for the French ecosystem.

7.1 Observed Trends

7.2 Possible Scenarios

Scenario 1: Gradual integration (likely)

• Traditional banks offer basic crypto services
• Crypto neobanks develop
• Coexistence with specialization

Scenario 2: Banking dominance (possible)

• Major banks acquire crypto players
• Full integration into banking offerings
• Fewer alternatives for clients

Scenario 3: Persistent separation (less likely)

• Banks maintain their distance
• Crypto actors develop their own banking solutions
• Two parallel ecosystems

7.3 The Digital Euro (CBDC)

The ECB is working on a digital euro (Central Bank Digital Currency):

Impact on crypto:

• Competition for stablecoins
• Official digital payment infrastructure
• No replacement for Bitcoin (different objectives)

7.4 Recommendations for Crypto Actors

Businesses:

1. Obtain MiCA licensing as soon as possible
2. Diversify banking relationships
3. Document AML/CFT compliance
4. Anticipate regulatory changes

Individuals:

1. Use multiple banks
2. Favor tolerant banks
3. Keep comprehensive documentation
4. Declare your crypto-assets

8. FAQ

Q1: Can my bank close my account because of crypto?

Legally, it is difficult. A bank can close an account with 2 months' notice (unless otherwise agreed), but cannot cite crypto as the sole reason if you are compliant. In practice, banks often find other justifications. You can file with the mediator or invoke the right-to-account procedure.

Q2: Which bank for receiving EUR100,000 from Coinbase?

Boursorama or Fortuneo are generally tolerant, but notify your advisor and prepare documentation (purchase history, tax returns). Split into multiple transfers if possible.

Q3: Are transfers to Binance blocked in France?

No, not systematically. Binance has banking partners in Europe. However, some French banks occasionally block transfers to certain platforms. Try another bank or use a French DASP intermediary.

Q4: How to open a business account for a crypto startup?

It is difficult but possible. Favor Qonto, Memo Bank, or specialists (Olky, Striga). Prepare a complete file: business plan, DASP registration if applicable, KYC/AML procedures, beneficial owners. Expect a 2–4 month timeline.

Q5: Does SG-Forge accept individuals?

No, SG-Forge targets institutions. Services (EURCV, tokenization, custody) are reserved for companies and professional investors with high minimums.

Q6: Is Revolut a real bank?

In France, Revolut operates via a Lithuanian banking license (credit institution) with European passport. Deposits are guaranteed up to EUR100,000 by the Lithuanian guarantee fund. It is a real bank in regulatory terms, but different from traditional French banks.

Q7: Can I force a bank to open an account for me?

Yes, via the right-to-account procedure. Obtain a refusal attestation, file with the Banque de France, which will designate an institution. That institution must open an account with basic services (but may refuse advanced services).

Q8: Do banks report my crypto transfers to Tracfin?

Not systematically, but potentially. Banks must report suspicious operations. A large transfer to an exchange is not automatically "suspicious," but may trigger questions or a report if the context is unusual.

Conclusion

Summary

Recommendations

For smooth navigation:

1. Diversify your banking relationships (2–3 accounts minimum)
2. Document all your crypto operations
3. Declare your assets and capital gains
4. Favor tolerant banks
5. Anticipate by notifying before large movements

The bank-crypto relationship is gradually improving in France, driven by MiCA regulation and the increasing institutionalization of the sector.

Useful Contacts

Recourse organizations and resources for navigating the French crypto banking ecosystem.

• Banque de France (right to account): banque-france.fr
• ACPR (supervision): acpr.banque-france.fr
• AMF (DASP regulation): amf-france.org
• Banking mediator: Via your bank
• ADAN (crypto lobbying): adan.eu

Related Articles — Institutional Finance

• Bitcoin on Corporate Balance Sheets
• Institutional Crypto Custody Comparison
• Bitcoin & Ethereum ETFs France Guide

Sources

• ACPR: Guidelines on crypto-assets
• Banque de France: Right to account
• SG-Forge: Public documentation
• French Monetary and Financial Code: Articles L.312-1 et seq.

Article written in December 2025