France Expands AML Checks on Cryptocurrency Exchanges Ahead of EU Licensing
- The French Prudential Supervision and Resolution Authority (ACPR) is reviewing exchanges including Binance and Coinbase (COIN).
- Site checks have been ongoing since late 2024 to assess compliance with anti-money laundering (AML) regulations.
- Exchanges must meet ACPR requirements to secure a Markets in Crypto Assets (MiCA) license by the end of June next year.
- Failure to comply may hinder their ability to operate across the European Union.
- Binance has been instructed to enhance its risk controls as part of the review process.
The ACPR’s intensified scrutiny reflects a broader effort to ensure compliance among cryptocurrency exchanges operating within the EU framework, particularly regarding AML practices.
With ongoing checks affecting major players like Binance and Coinbase, the outcome will significantly impact their operational capabilities in Europe, especially as they strive for MiCA licensing by June next year.
