France Expands AML Checks on Crypto Exchanges, Including Binance
The post France Expands AML Checks on Crypto Exchanges, Including Binance appeared on BitcoinEthereumNews.com.
France is widening anti-money laundering checks on over 100 crypto entities to determine future EU-wide MiCA license eligibility. France is now widening its crucial anti-money laundering (AML) checks on various cryptocurrency exchanges. These regulatory initiatives are used to identify future European Union-wide permits. More than a hundred companies are now registered to provide crypto services in the country. Ultimately, the nation wants to make sure that all platforms comply with strict EU requirements. The findings of the French regulator will be crucial for the future of the industry. Regulators Put Pressure on Exchanges to Step Up Internal Controls These controls were introduced by the Prudential Supervision and Resolution Authority (ACPR). Further, it started late last year and consists of dozens of exchanges at this point. The checks are focused on money laundering and counter-terrorism funding (CFT) risks. In addition, the ACPR is a close partner of the Financial Markets Authority (AMF). Binance is one of the large companies that is currently facing such thorough checks. Related Reading: Arthur Hayes Says France’s Debt Crisis Boosts Bitcoin’s Appeal | Live Bitcoin News As a result, compliance gaps were identified on various platforms through these inspections. In response, regulators issued new guidance on a timely basis to resolve these issues. As a result, the exchanges like Binance have to immediately tighten their internal controls. They also need to quickly enhance their existing IT infrastructure. Moreover, companies have to greatly increase the number of qualified compliance staff. Companies that do not meet these strict requirements are severely affected. Specifically, they face enforcement action or loss of future MiCA authorization. The MiCA framework should work region-wide throughout the EU. On the other hand, only a small number of entities have obtained full approval so far. These are Deblock, GOin, and CACEIS. The overall regulatory action…
