France Anti Money Laundering: Binance, Crypto Exchanges on Alert

France Anti Money Laundering Targets PSAN Firms Ahead of MiCA Deadline

Have French authorities just changed the rules of the game for crypto exchanges in Europe? 

A strong push from the authorities in the field of France Anti Money Laundering is putting Binance and other platforms under tighter control and it could reshape the way crypto businesses operate across the European Union.

Source: X (formerly Twitter) 

What’s Going On in France?

The nation’s prudential regulator, ACPR (the French Prudential Supervision and Resolution Authority), has expanded its anti-money laundering reviews on crypto firms registered as PSAN (providers of digital-asset services). The checks began in late 2024, and now cover more than a hundred entities, including Binance.

During earlier on-site inspections, the ACPR reportedly asked Binance to upgrade its risk and compliance systems. 

This includes hiring additional compliance staff, strengthening IT security, and tightening internal oversight. Binance was given several months to make these changes. 

The results of these inspections will also be shared with country’s financial markets authority, the AMF. Failure to address the identified issues may block a firm’s ability to secure a MiCA cross-EU license.

The MiCA Deadline and the Stakes

Under the new Markets in Crypto-Assets (MiCA) regulation, French crypto firms must get EU-wide approval by June 2026. So far, only a handful have succeeded, including Deblock, GOin, Bitstack, and CACEIS (a Credit Agricole entity).

If the ACPR report finds a company has not fixed its weaknesses, regulators may deny licensing in the country, essentially barring it from operating across the EU. Since France is pushing to lead in crypto oversight, the stakes are very high for all exchanges in the country.

France Anti Money Laundering Approach: What It Tests

The inspections focus on whether crypto firms are following rules under PSAN registration. Key areas include:

• Anti-Money Laundering / Counter-Terrorist Financing (AML/CFT) controls

• Know Your Customer (KYC) processes

• Internal risk systems and staff capacity

• IT security and audit trails

Binance says it is “cooperating fully” and remains committed to complying with EU and French rules. The firm also describes the inspections as standard supervision procedures.

Broader Context: Cross-Border Cooperation

The France Anti Money Laundering initiative is consistent with EU-wide efforts to harmonize regulation. In 2024, the European Parliament approved Regulation 2024/1620, which established a new AMLA (European Authority for Anti-Money Laundering). 

AMLA is intended to facilitate national authorities acting together and pooling analysis for cross-border cases.

The country's national financial intelligence unit Tracfin already collaborates with similar organizations in other nations. For instance, in 2023, Tracfin and the FIU of Luxembourg coordinated a case against fraud related to VAT refund scams. 

They used secure networks such as FIU.net and Egmont Secure Web to share information, and subsequently referred the case to the European Public Prosecutor's Office.

But collaborative work is complicated: various agencies have varying mandates, data access policies, and tech capacity. Standardizing formats (such as bank statements) and developing shared tools will be crucial.

What to Watch Next

• Whether Binance and others can successfully fix compliance gaps and earn a MiCA license

• Whether AMLA will begin joint analyses or enforcement actions

• How France’s approach influences other EU states pushing for stricter digital assets supervision

If these checks force crypto firms to raise standards, the Anti Money Laundering drive might become a model for regulators across Europe.