French financial authorities have stepped up scrutiny of the world’s largest crypto exchange, Binance, as part of a broader campaign to reinforce anti-money laundering (AML) compliance across the European Union’s digital asset industry.
According to Bloomberg, France’s banking and market regulators have intensified their inspections of registered crypto firms to determine which ones will be eligible for full EU authorization under the upcoming MiCA framework. Over a hundred digital asset companies are currently registered in France, but only a few have received the green light for full regulatory approval.
Officials at the Prudential Supervision and Resolution Authority (ACPR) have reportedly carried out multiple site visits to assess how exchanges monitor suspicious transactions, manage risk, and safeguard customer funds. Binance and local platform Coinhouse are among the firms under review.
While Binance confirmed that inspectors had visited its Paris offices, the company said such checks are “routine” and that it continues to cooperate with regulators. However, the probe adds to mounting regulatory challenges for the exchange, which already faces ongoing legal battles and investigations worldwide.
Earlier this year, French prosecutors launched a separate investigation into Binance over allegations of money laundering, tax fraud, and unlicensed financial operations. That inquiry remains open, and the latest supervisory review could further complicate the company’s path to MiCA licensing in the EU.
France’s AML framework requires all registered platforms to comply with PSAN standards, which mandate strong internal controls against money laundering and terrorist financing. Firms that fall short are given a grace period to address issues but risk penalties or rejection if deficiencies persist.
The country has set a June 2026 deadline for exchanges to secure full MiCA authorization, a license that will allow firms to operate freely across EU member states. So far, only a handful of companies, including Deblock, GOin, Bitstack, and Credit Agricole’s CACEIS, have obtained approval.
Binance’s regulatory troubles extend far beyond Europe. In Nigeria, authorities have accused the exchange of tax evasion, foreign exchange violations, and economic misconduct, seeking an extraordinary $79.5 billion in damages. Nigerian officials allege Binance’s operations contributed to currency instability and failed to meet corporate income tax requirements.
France’s latest crackdown comes as European policymakers debate how to apply the MiCA rulebook consistently across borders. Several countries – including France, Italy, and Austria – have called on the European Securities and Markets Authority (ESMA) to assume a more centralized supervisory role, arguing that large global exchanges require unified oversight to prevent regulatory arbitrage.
For Binance, the message from regulators is becoming increasingly clear: cooperation alone may no longer be enough. The era of light-touch supervision in Europe’s crypto industry is rapidly drawing to a close.
Source: Bloomberg
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