France is intensifying its scrutiny of cryptocurrency exchanges with expanded anti-money laundering (AML) checks aimed at determining which platforms will be granted European Union (EU)-wide licensing, Bloomberg reported on Friday.
Among the exchanges under review are Coinbase (COIN) and Binance, according to sources familiar with the matter. Since late 2024, the French Prudential Supervision and Resolution Authority (ACPR) has been conducting on-site inspections and has instructed Binance to strengthen its risk controls.
Failure to meet the ACPR’s requirements could jeopardize an exchange’s ability to obtain a Markets in Crypto Assets (MiCA) license from France. This license is crucial as it allows firms to offer cryptocurrency services across the entire EU. Companies have until the end of June next year to secure this license.
A Binance spokesperson commented via email: “Engagement with the ACPR is an ongoing component of operating as an AML-registered company and AML framework reviews are a routine part of the ACPR’s regulatory oversight. The ACPR is conducting these checks across dozens of exchanges, as further detailed in their 2024 annual report.”
Neither Coinbase nor the ACPR responded to requests for comment from CoinDesk.
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