Since 2024, French authorities have asked Binance to improve its risk controls.
A small number of cryptocurrency companies have managed to obtain the MiCA license in France.
French authorities have intensified inspections of cryptocurrency exchanges, as part of a series of controls to prevent money laundering, according to Bloomberg reports. Among the companies under review is Binance, one of the largest exchange houses in the area.
The Prudential Supervision and Resolution Authority (ACPR) – the main regulator of entities such as banks and insurers – began these audits at the end of last year, with the aim of determining which companies, of more than a hundred registered to offer cryptocurrency services in the country, meet the necessary requirements to obtain a license under the MiCA (Cryptoasset Markets) Regulation throughout the European Union.
In 2024, Authorities required Binance to strengthen its risk controls and regulatory complianceespecially in relation to the prevention of money laundering and the financing of terrorism. Among the measures requested are the increase in specialized personnel and the improvement of computer security systems.
The ACPR get used to Give companies a period of several months to make the requested improvements after verifications. Coinhouse is also among the so-called Numeric Asset Service Providers (PSAN) that are being investigated.
Binance stated that in-person inspections are part of normal supervision procedures and He assured that he was collaborating with the French authorities.
The results of these controls are sent to the Financial Markets Authority (AMF), the body in charge of regulating stock market activity in France. Failure to comply with the ACPR’s observations could lead to sanctions and even jeopardize obtaining the MiCA license, which allows companies to offer their services throughout the community bloc.
Companies have until June 2026 to obtain said authorization.
Until now, only a few cryptocurrency firms have been fully licensed in Franceamong them Deblock, GOin, Bitstack and CACEIS, a subsidiary of the Crédit Agricole banking group.
This monitoring in France is part of a broader effort at the European level to regulate cryptocurrency services under the MiCA Regulation. In Spain, as reported by CriptoNoticias, the National Securities Market Commission (CNMV) is also advancing in the supervision of virtual asset service providers (PSAV), with more than 40 registrations approved to date.