Binance has been asked to tighten its risk and compliance standards following on-site inspections from the French Prudential Supervision and Resolution Authority.
Summary
- French authorities have been conducting extensive compliance inspections on Binance, Coinhouse, and other registered crypto platforms to assess their anti-money laundering and counter-terrorism financing measures.
- The scrutiny adds to Binance’s long history of regulatory challenges, including past investigations in the U.S. and Australia over AML violations.
According to a recent Bloomberg report, French authorities have been carrying out control checks on Binance and dozens of other exchanges since late last year.
The effort was made to determine which of the crypto platforms registered as offering crypto services in the country may be granted European Union-wide permits in the coming months.
The compliance checks involve assessing the anti-money laundering and counter-terrorism financing standards implemented across hundreds of crypto asset service provider platforms in the European state.
The French supervisory authority, Autorité de Contrôle Prudentiel et de Résolution, has been inspecting local operations to verify compliance with its digital asset service provider registration framework, known as PSAN.
According to people familiar with the matter, Binance and Coinhouse are among the firms that French authorities are reviewing. As a result of the examinations, the agency officials reportedly told the world’s largest crypto exchange to tighten its compliance and risk controls.
When asked about the inspection, Binance replied to Bloomberg saying that periodic inspections are a “standard part of the supervision of regulated entities.” Meanwhile, the ACPR and Coinhouse declined to comment on the review.
The inspections on crypto platforms come at a time when Europe is shifting to grant more centralized
Go to Source to See Full Article
Author: Trisha Husada
