France is targeting cryptocurrency exchanges with expanded anti-money laundering controls to determine which ones will be granted EU-wide licenses, Bloomberg reported Friday.
Conbase (COIN) and Binance are among the exchanges being reviewed, according to the report, which cited people familiar with the matter.
The French regulatory and resolution authority (ACPR) has been conducting on-site inspections since late 2024 and has instructed Binance to strengthen its risk controls.
Failure to meet the requirements set out by the ACPR could compromise an exchange’s ability to obtain a Markets in Crypto Assets (MiCA) license from France, which allows companies to offer services across the EU.
Companies have until the end of June next year to obtain said license.
“Engagement with ACPR is an ongoing component of operating as an AML-registered company, and AML framework reviews are a routine part of ACPR’s regulatory oversight,” a Binance spokesperson said in an emailed comment. “ACPR conducts these checks across dozens of exchanges, as further detailed in their 2024 annual report.”
Neither Coinbase nor ACPR responded to CoinDesk’s request for comment.
UPDATE (October 17, 16:10 UTC): Adding the emailed comment from Binance.
