France’s banking watchdog has intensified Anti-Money Laundering (AML) checks on Binance and several other crypto exchanges as Paris seeks greater influence over the European crypto sector under the EU’s Markets in Crypto-Assets (MiCA) framework.
ACPR Targets Binance in AML Review
According to a Bloomberg report on Friday, the French Prudential Supervision and Resolution Authority (ACPR) is auditing the AML and Counter-Terrorist Financing (CFT) practices of Binance and “dozens” of other exchanges. The reviews reportedly began last year and remain confidential.
The regulator had previously instructed Binance to strengthen its risk controls, signaling France’s tougher stance toward major crypto firms.
A Binance spokesperson confirmed that engagement with the ACPR is “an ongoing component of operating as an AML-registered company,” adding that the reviews are a routine part of the ACPR’s oversight and that the checks extend to multiple platforms across the sector.
Companies identified with compliance gaps are typically given time to hire additional compliance staff or enhance cybersecurity and risk management systems.
France Pushes for Regulatory Power
The crackdown aligns with France’s broader ambition to assume a leading role in enforcing MiCA rules across Europe. In September, France hinted that it may block crypto firms operating locally under licenses issued by other EU countries — a move that could undermine MiCA’s regulatory passporting system.
At the time, Autorité des Marchés Financiers (AMF) chair Marie-Anne Barbat-Layani said such a step would represent a “serious breach of trust” in EU markets but admitted it remains a strategic option if oversight disparities persist.
Bank of France Backs Centralized Oversight
Earlier this month, François Villeroy de Galhau, governor of the Bank of France, urged the EU to give the European Securities and Markets Authority (ESMA) full control over crypto regulation, warning that relying on national regulators could lead to uneven enforcement and fragmented supervision.
“Consistent rule enforcement is crucial as the crypto industry expands rapidly across the region,” Galhau said.
As the European crypto market evolves under MiCA, France’s latest actions suggest it is positioning itself as Europe’s regulatory center of gravity for digital assets.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.