Binance Faces French Compliance Scrutiny
French authorities are closely examining Binance’s compliance standards.The Autorité de Contrôle Prudentiel et de Résolution (ACPR) has been conducting on-site inspections. These checks aim to ensure Binance meets anti-money laundering (AML) and counter-terrorism financing (CTF) requirements.
This scrutiny is part of a broader effort to assess multiple crypto platforms. The goal is to grant EU-wide permits to compliant exchanges. Binance, along with Coinhouse and others, are under review.The ACPR is verifying their adherence to the PSAN framework.
Binance has faced regulatory challenges globally. In the U.S. and Australia, it has been investigated for AML violations. Recently, Binance Australia was scrutinized for its AML systems. the Australian authority cited concerns over self-reliant reviews and staff turnover.
Europe is moving towards centralized oversight of the crypto market. France, Austria, and Italy have urged ESMA to supervise major crypto firms.This push for uniform standards across EU states is significant.
Binance’s history with compliance is complex. In 2023, it faced a $4.3 billion settlement in the U.S. for AML violations. Despite challenges,binance has re-entered Asian markets by acquiring South Korea’s gopax exchange.
Periodic inspections are standard for regulated entities, Binance stated. The ACPR and Coinhouse declined to comment. This ongoing scrutiny highlights the need for robust compliance measures in the crypto industry.
