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Regulation: European Union · Updated: 3 September 2026The claim that a P2P platform is “regulated in the EU” is not sufficient on its own. Investors should check which legal entity provides the service, what type of licence it holds, which regulator issued it, and whether the specific investment service actually falls within the scope of that licence.
Where can you check an ECSPR licence?
For platforms that provide crowdfunding services under Regulation (EU) 2020/1503 (ECSPR), the main starting point is the public register maintained by the European Securities and Markets Authority (ESMA).
The register contains information about crowdfunding service providers authorised by a competent national authority in an EU Member State.
ESMA register
ESMA maintains a central public register of crowdfunding service providers authorised under ECSPR. It can be searched by company name, country, status and other criteria.
National regulator
The authorisation itself is granted by the competent authority in the Member State where the provider is established. The information can therefore also be checked on the website of the relevant national financial regulator.
Step 1: identify the legal entity
Do not begin the check using only the platform’s commercial name.
A platform may use a brand name that differs from the name of the company holding the licence. ECSPR also allows a provider to use more than one commercial name, provided that these names are reported to the competent authority.
Where to look
Check the platform’s footer, Terms & Conditions, Legal Notice, About or Regulatory Information page.
What to record
Look for the full legal name of the company, registration number, country of registration, address and the financial regulator stated by the platform.
Step 2: search for the company in ESMA
Open the ESMA register and select the register covering MiFID/UCITS/AIFMD/EUSEF/EUVECA/ECSPR entities.
When checking a crowdfunding platform, the most useful fields include:
Entity name
Enter the legal name of the company, not only the name of the website or platform.
Home Member State
Check whether the country matches the information published by the platform about the authorised legal entity.
Status
Check the current status of the authorisation. It is not enough for the company simply to have appeared in the register at some point in the past.
Competent authority
Check which national regulator granted the authorisation. This information can be used for a second, independent verification.
Step 3: check whether the domain matches
Finding a company with a similar name is not enough.
Under ECSPR, the register may include the commercial name, physical address and website address of the platform operated by the authorised provider.
Compare the domain listed in the register with the website address you are using.
Why it matters
Fraudulent websites may copy the name, registration details or even the licence number of a genuine regulated company.
What to compare
Check the legal name, domain, address, regulator and contact details rather than relying on a single registration or licence number.
Step 4: check which services the licence covers
This is one of the most important checks.
The fact that a company holds a financial licence does not automatically mean that every product it offers falls within the scope of that licence.
Under ECSPR, the authorisation must specify the crowdfunding services that the provider is permitted to offer.
ECSPR service
Check whether the specific product actually qualifies as a crowdfunding service covered by the ECSPR authorisation.
Other services
The same company or financial group may also offer services outside ECSPR that fall under MiFID II, payment-services legislation or another European or national regulatory regime.
Step 5: check the national regulator
Once you have identified the competent authority that granted the authorisation, carry out a second check directly in its register or on its official website.
The national regulator is the authority responsible for authorising and supervising the ECSPR provider on an ongoing basis.
Compare the details
The company name, registration details and authorisation should match the information published by ESMA and by the platform itself.
Check for warnings
National regulators may publish warnings about companies or websites offering financial services without the required authorisation or using the details of other companies.
Step 6: check cross-border activity
ECSPR allows an authorised provider to offer crowdfunding services in other EU Member States through the cross-border procedure laid down in the Regulation.
The ESMA register may show the countries for which the provider has notified its intention to provide crowdfunding services.
If you are investing from Bulgaria in a platform authorised, for example, in Latvia, Croatia or another EU Member State, checking this information provides additional context regarding the cross-border provision of the service.
What should you see in the ESMA register?
Legal and commercial name
Check whether the legal entity and commercial brand correspond to the platform you are using.
Competent authority
The register should identify the regulator that granted the authorisation and is responsible for supervision.
Authorised services
Check which crowdfunding services the provider is authorised to offer.
Countries of activity
Where services are provided cross-border, the countries for which the required notification has been made may also be listed.
What if the platform is not in the ECSPR register?
The absence of a platform from the ECSPR register does not automatically mean that it is operating illegally.
The reason is that not every product marketed as a “P2P investment” falls within the scope of ECSPR.
Another regulatory regime may apply
The platform or company may provide investment services under MiFID II or operate under another applicable European or national regulatory framework.
It may not provide an ECSPR service
Some lending or investment models do not meet the definition of a crowdfunding service under ECSPR and therefore should not be expected to appear as ECSPR providers.
The correct question is therefore not only “Does the platform have an ECSPR licence?”, but:
“What product am I investing in, which company is offering it, and which regulatory framework applies to that specific service?”
Red flags when checking a licence
Only a regulator’s logo
An ESMA or national regulator logo displayed on a website is not proof of authorisation. Always verify the information directly in official registers.
Unclear legal entity
If the platform does not clearly identify the company providing the investment service, this is a reason to carry out additional checks.
Mismatched domain
If the domain, contact details or address differ from the official records, do not send funds until you have established the reason for the discrepancy.
“EU regulated” without details
A claim of European regulation without a clearly identified legal entity, competent authority and applicable regulatory framework is not sufficient evidence of authorisation.
A licence does not mean a guaranteed investment
Once you have established that a platform is genuinely authorised, one more important step remains – assessing the investment itself.
An ECSPR authorisation shows that the provider operates within a specific regulatory framework and is supervised by a competent authority. It does not mean that a particular borrower or project cannot run into financial difficulties.
Regulation does not eliminate credit, liquidity, market or operational risk and does not guarantee future returns.
Quick check before investing
1. Company
Find the provider’s full legal name.
2. ESMA
Check the company in the official European register when the platform claims to operate under ECSPR.
3. Regulator
Confirm the authorisation with the relevant national competent authority.
4. Scope
Establish whether the specific service or product actually falls within the scope of the stated authorisation.
Important: the presence of a company in a regulatory register does not mean that every product offered by that company or by related entities automatically falls under the same licence. Always check the legal entity, domain, type of authorisation and scope of the specific service. Regulation does not guarantee the principal, return or liquidity of an investment. This material is for informational purposes only and does not constitute legal or investment advice.
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