BPCE subsidiary Hexarq cleared to offer crypto trading to 35M French customers
Hexarq, a subsidiary of French banking group BPCE, received AMF PSAN approval to offer regulated crypto services, positioning BPCE as the second major French bank with this status after SG Forge. The rollout begins in late 2025 with limited launches across regional entities and full retail availability planned for 2026. Customers of BPCE retail brands (Banque Populaire and Caisse d’Epargne) will be able to buy, sell and swap assets such as Bitcoin (BTC), Ether (ETH), Solana (SOL) and USDC within existing mobile apps. Fees are set at 1.5% per transaction (minimum €1) plus a €2.99 monthly account fee. BPCE says the phased approach aims to limit operational risk and retain clients who might otherwise move to external crypto platforms. Analysts note the move aligns with France’s PSAN framework and forthcoming EU MiCA rules, strengthening regulatory-compliant retail access to crypto and potentially shifting liquidity from unregulated venues to bank-backed channels. Natixis, BPCE’s investment arm, will pursue tokenized instruments and market infrastructure, giving the group exposure to both retail and institutional digital-asset segments.
Bullish
Regulated bank entry into retail crypto typically supports market confidence and on‑ramps for new capital. Hexarq’s AMF PSAN approval for BPCE opens regulated access for ~35 million customers, which should increase fiat-to-crypto flows into mainstream channels and shift some liquidity away from unregulated exchanges. Fee structure and in-app convenience lower friction for retail adoption, potentially raising demand for major tokens mentioned (BTC, ETH, SOL, USDC). The phased rollout reduces operational risk, which may limit short-term volatility from onboarding. Historically, similar moves—such as major banks or brokerages enabling crypto purchases—have been net bullish for major cryptocurrencies by expanding buyer pools (examples: PayPal’s crypto launch in 2020, Revolut and major EU banks adding services). Longer term, alignment with PSAN and MiCA improves regulatory clarity, encouraging institutional participation and deeper liquidity. Risks remain: modest fees could cap volume, and macro/regulatory shocks could temper enthusiasm. Overall, expect a constructive impact on demand and market structure, supporting prices and reducing fragmentation over time.