Union

2024

French authorities have started a new investigation into Binance, raising more questions about how the crypto exchange follows anti-money laundering rules.&nbsp;
The move shows France’s growing effort to make sure crypto companies follow stronger European Union (EU) regulations.&nbsp; This is especially as the new <a href="https://thecoinrise.com/mica-framework-signed-into-law-by-eu-officials/" rel="noopener noreferrer nofollow">Markets in Crypto-Assets (MiCA)</a> law gets closer to full enforcement.
<h2 id="b-france-steps-up-crypto-oversight-b">France Steps Up Crypto Oversight</h2>
France’s banking and financial regulator, the Prudential Supervision and Resolution Authority (ACPR), has begun detailed checks on more than 100 registered crypto firms. The goal is to decide which companies will qualify for full EU authorization. Among those being reviewed are Binance and the Paris-based firm Coinhouse.
During a 2024 inspection, the ACPR reportedly told Binance to improve its risk management and compliance systems. In response, Binance said such inspections are normal and confirmed that it is fully cooperating with French regulators.
France’s actions come as EU countries push for a united approach to crypto regulation. France, Italy, and Austria have asked the <a href="https://thecoinrise.com/esma-provides-final-guidance-in-mica-rule-implementation/" rel="noopener noreferrer nofollow">European Securities and Markets Authority (ESMA)</a> to take a stronger role in supervising large crypto firms.
<h2 id="b-binance-faces-legal-pressure-as-compliance-to-mica-draws-near-b">Binance Faces Legal Pressure as Compliance to MiCA Draws Near&nbsp;</h2>
This investigation follows an earlier one launched by French prosecutors in January. Authorities are looking into allegations of money laundering, tax fraud, and other illegal financial activities. These issues add to <a href="https://thecoinrise.com/binance-hit-with-new-class-action-lawsuit-over-money-laundering-failures/" rel="noopener noreferrer nofollow">Binance’s ongoing legal troubles in several countries.</a>
French regulators are now checking whether Binance and other exchanges are following the country’s PSAN (Digital Asset Service Provider) rules. These rules include strong measures against money laundering and terrorism financing.&nbsp;
Regulators also review how companies monitor suspicious transactions, protect customer funds, and report irregular activities. When problems are found, companies are usually given a few months to make improvements. The ACPR then reports its findings to France’s financial markets regulator, which can fine or reject firms that do not meet the required standards for MiCA licensing.
France has given crypto companies until June 2026 to get a MiCA license. This license will allow them to operate legally across all EU countries. So far, only a few companies, such as Deblock, GOin, Bitstack, <a href="https://thecoinrise.com/bitgo-secures-mica-license-aims-expansion-in-europe/" rel="noopener noreferrer nofollow">BitGo</a>, and <a href="https://thecoinrise.com/coinbase-secures-eu-wide-crypto-license-under-mica-rules/" rel="noopener noreferrer nofollow">Coinbase, have successfully secured approval</a>.
<h2 id="b-binance-s-global-legal-struggles-b">Binance’s Global Legal Struggles</h2>
The French investigation adds to Binance’s growing list of international issues. Earlier this year, Nigerian authorities filed a $79.5 billion lawsuit against the exchange. The exchange was accused of causing economic harm and evading tax obligations.&nbsp;
Nigeria’s tax agency, the Federal Inland Revenue Service (FIRS), said Binance failed to register for corporate income tax even though it had a large presence in the country. Officials also claimed the exchange’s activities contributed to the fall of the naira, Nigeria’s national currency. This led the <a href="https://thecoinrise.com/binance-drops-the-nigerian-naira-amid-10b-fine-scare/" rel="noopener noreferrer nofollow">exchange to drop currency from its peer-to-peer (P2P) trading platform</a>.
The post <a href="https://thecoinrise.com/france-launches-new-probe-into-binance-over-money-laundering-rules/" rel="noopener noreferrer nofollow">France Launches New Probe Into Binance Over Money Laundering Rules</a> appeared first on <a href="https://thecoinrise.com/" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

France Launches New Probe Into Binance Over Money Laundering Rules

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