France has launched a sweeping investigation into cryptocurrency companies’ compliance with anti-money laundering (AML) laws. Major players including Binance, Coinhouse, and other platforms registered as Digital Asset Service Providers (PSAN) are now under heightened regulatory scrutiny, Minfin reports.
The initiative aims to prepare France’s crypto sector for the upcoming MiCA (Markets in Crypto-Assets) regime — a landmark EU framework introducing unified rules for digital asset operations across all member states.
Financial watchdogs tighten their grip
The probe is being conducted by ACPR (Autorité de Contrôle Prudentiel et de Résolution) — France’s banking and prudential supervision authority overseeing both traditional and non-bank institutions.
According to Bloomberg, the audits began in late 2024 and now cover dozens of crypto platforms operating under French registration.
Particular attention has been drawn to Binance, the world’s largest exchange, which has faced frequent regulatory pressure across multiple jurisdictions. During one inspection, ACPR reportedly demanded that Binance strengthen its compliance controls, expand its AML analytics team, and enhance its IT security protocols.
“On-site inspections are a standard part of supervision for regulated entities,” Binance stated, emphasizing its full cooperation with authorities.
MiCA: a new regulatory era — or a challenge for crypto giants?
The ACPR’s inspections are not routine—they’re strategic stress tests. The regulator aims to ensure that PSAN-registered firms fully comply with AML/CTF (Anti-Money Laundering and Counter-Terrorist Financing) obligations—core prerequisites for obtaining a MiCA license, which will be mandatory to operate legally across the European Union.
The ACPR’s findings will be shared with AMF (Autorité des Marchés Financiers), France’s financial markets regulator.
Companies failing to meet the standards could face sanctions—or even lose their eligibility for MiCA licensing, effectively cutting them off from the EU market.
Europe seeks balance between control and innovation
France is among the first EU nations transitioning from local PSAN registration to full-fledged European licensing.
Meanwhile, tension is rising among EU states: France, Austria, and Italy have urged the European Commission to create a supranational authority overseeing large crypto firms to avoid a “regulatory patchwork” across countries.
The MiCA framework, effective since 2024, sets out stringent transparency, consumer protection, and AML requirements. Yet implementation remains uneven—some national regulators interpret the rules differently, risking market fragmentation and competitive imbalance.
Countdown to MiCA licensing — June 2026
Crypto firms operating in France have until June 2026 to secure their MiCA licenses.
So far, AMF has granted approval to only a handful of fintech players, including Deblock and GOin, underscoring the rigorous nature of the process.
France’s regulators are effectively running a “MiCA dress rehearsal”—testing whether even industry giants like Binance can withstand the full transparency and compliance standards soon to become the European norm.
For the crypto market, the message is clear:
The era of “free crypto” in Europe is ending.
The age of regulated capital, where trust, compliance, and governance matter as much as liquidity and tokenomics, has begun.Info: minfin.com.ua