France proposes liability for crypto exchanges offering DeFi access

French authorities are proposing that crypto exchanges perform due diligence on DeFi protocols they offer access to and bear liability for certain customer losses, framed as amendments to EU crypto rules. The proposal would shift compliance and financial risk onto exchanges that list or route users into DeFi, potentially raising costs and discouraging DeFi access in the EU. Traders should watch whether this gains traction at the EU level, since broader liability for DeFi exposure could pressure exchange revenues and DeFi token sentiment.