France is intensifying its scrutiny of cryptocurrency exchanges as part of an expanded anti-money laundering initiative. The focus is on determining which exchanges will receive licensing to operate across the European Union. According to a Bloomberg report, prominent exchanges such as Coinbase and Binance are now under review by regulatory authorities.
The French Prudential Supervision and Resolution Authority (ACPR) has been actively conducting site inspections since late 2024. As part of this regulatory effort, the ACPR has directed Binance to bolster its risk management controls. Exchanges are being warned that failure to comply with these enhanced requirements could jeopardize their chances of securing a Markets in Crypto Assets (MiCA) license, essential for firms aiming to offer services throughout the EU. The deadline for companies to obtain this license has been set for the end of June next year.
In a statement, a Binance spokesperson emphasized that engagement with the ACPR is a crucial aspect of operating as an anti-money laundering (AML) registered entity. The spokesperson also noted that AML framework assessments are a standard part of the ACPR’s regulatory oversight process, impacting numerous exchanges as outlined in their 2024 annual report.
Despite inquiries, neither Coinbase nor the ACPR provided comments regarding the ongoing review or their own positions in response to this regulatory push.
