AMF has taken the initiative to cancel the PSAN this time, which shows that European regulators are truly firm about the compliance bottom line. If a crowdfunding business goes live without a license and there are integrity issues within management, the exit process is triggered directly. As of the milestone on June 30, 2026, this has effectively served an indisputable proof to the industry.

The French Financial Markets Authority (AMF) announced that it will cancel the registration of Digital Asset Service Provider (PSAN) AUTOMATA France SAS (operating Vancelian com) effective June 30, 2026. The AMF stated that the company engaged in crowdfunding activities without authorization, and its illegal operations reflect that its management and major shareholders do not meet the regulatory standards of integrity and competence, thus deciding to proactively initiate the cancellation process. The AMF indicated that before the cancellation takes effect, the company may only carry out necessary tasks such as liquidation and return of client assets, and must complete an orderly exit.