Key Takeaways
- France’s ACPR has widened on-site anti-money laundering inspections for exchanges including Binance and Coinbase, Bloomberg reported.
- Exchanges that fail remediation could lose their path to a Markets in Crypto-Assets (MiCA) license and the ability to passport services across the EU.
- The review process underscores how EU regulators are road-testing MiCA-era supervision months before the June 2026 licensing deadline.
Lead
France’s prudential supervisor has stepped up anti-money laundering (AML) spot checks on major crypto exchanges as the country prepares to grant its first MiCA licenses, according to an Oct. 17 Bloomberg report cited by CoinDesk. The effort signals that EU regulators want airtight compliance programs before they hand out region-wide passports.
What ACPR Is Demanding
The Autorité de Contrôle Prudentiel et de Résolution (ACPR) began conducting deeper, on-site reviews in late 2024, focusing on Know Your Customer workflows, suspicious activity reporting, and transaction surveillance. Binance was ordered to strengthen its risk controls, the report said, while Coinbase and other registrants are now under closer scrutiny. Coinbase and the ACPR declined to comment on the record.
The heightened exams mirror France’s broader push to remove “fit and proper” ambiguity ahead of MiCA’s phased rollout. ACPR inspectors are reportedly comparing firms’ remediation progress with benchmarks referenced in the watchdog’s 2024 annual report, a sign that supervisory expectations are tightening in real time.
MiCA Timelines and Industry Impact
Firms authorised in France have until June 2026 to upgrade registrations into full MiCA licenses, after which they can passport services across all 27 EU member states. Failure to satisfy ACPR guidance could delay or derail those ambitions, forcing exchanges to rely on smaller national registrations or exit the market.
France’s posture will likely influence other EU regulators as they calibrate their own site visits and reporting demands. Operators that can document automated AML controls, board-level oversight, and resilient customer asset protections will be better positioned to gain approvals.
Why It Matters
Europe’s bid to become a crypto hub hinges on marrying innovation with bank-grade compliance. Exchanges that clear France’s bar could earn a first-mover advantage with institutions eager for MiCA-aligned liquidity venues. Conversely, those that stumble risk reputational damage or capital outflows as counterparties seek regulated alternatives.
For background on how sovereign oversight is reshaping digital asset rails, revisit our central bank digital currency race analysis.
Next Steps for Exchanges
Market participants should expect follow-up visits, heavier documentation requests, and tighter deadlines as ACPR testers expand their remit. Binance said in an emailed statement that framework reviews are a routine part of maintaining AML registration and confirmed it is working through the regulator’s recommendations.
What this means for readers: If you rely on European exchanges for spot or derivatives access, monitor client communications around enhanced due diligence and potential service tweaks. Early compliance investments may determine which platforms survive the MiCA transition.
Disclaimer: This article is for informational purposes only and does not constitute legal or investment advice. Always consult professional counsel before making compliance or trading decisions.