Key Takeaways
- French authorities are conducting AML inspections on crypto firms, including Binance.
- Companies are allowed time to fix compliance issues, but noncompliance could lead to sanctions or disqualification from France’s MiCA licensing process.
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French authorities have conducted anti-money laundering compliance checks on Binance and other crypto exchanges as part of a market-wide review of registered digital-asset service providers, according to Bloomberg.
According to the report, ACPR, France’s prudential regulator, requested Binance to tighten its compliance measures by upgrading its systems and expanding its risk and compliance teams. The regulator’s efforts aim to ensure that crypto exchanges fully meet EU-level AML and counter-terrorist financing requirements before receiving MiCA authorization.
Findings from the ACPR’s inspections are passed on to the AMF, France’s markets regulator, which gives companies time to remedy deficiencies. Those that fail to comply risk penalties or losing access to MiCA licensing, required to operate across the EU. To date, just a few entities, such as Deblock, GOin, Bitstack, and CACEIS have obtained approval.
