Summary

The ACPR (Autorité de Contrôle Prudentiel et de Résolution) of France is auditing Binance and other cryptocurrency exchanges in light of a push for enhanced regulatory authority over the crypto market in Europe under the MiCA framework.

Key Developments

The additional scrutiny on Binance comes as Paris aims to solidify its control over the European crypto sector. According to a report from Bloomberg, the ACPR has initiated checks to ensure that Binance and other exchanges comply with Anti-Money Laundering (AML) regulations. These audits began last year and are conducted under a veil of confidentiality.

A spokesperson from Binance stated that ongoing engagement with the ACPR is a crucial component of maintaining their status as an AML-compliant platform, with continuous reviews being a standard protocol in the ACPR’s oversight.

ACPR Paris offices. Source: Wikimedia

Regulatory Landscape

As France strengthens its stance on cryptocurrency, the French securities regulator, AMF, has expressed concerns about regulatory inconsistencies across the EU that could lead to enforcement gaps. In a cautionary statement, Marie-Anne Barbat-Layani acknowledged this could shake trust within the European financial system, hinting at the potential measures France may take to control local crypto operations.

The Bank of France’s François Villeroy de Galhau has also called for a centralized European oversight apparatus to combat fragmented regulatory measures.

“The need for cohesive regulation is even more pressing given the rapid evolution of the cryptocurrency market in the region,” he remarked.

Challenging times lie ahead as France positions itself central to the European cryptocurrency narrative.