Paris Cracks Down on Binance as France Pushes for EU Crypto Power

France’s financial watchdog has expanded its examination of Anti-Money Laundering (AML) practices across the cryptocurrency sector, with Binance and several other digital asset platforms reportedly under review.

The move underscores Paris’s growing ambition to play a central role in shaping European crypto regulation.

According to reports citing people familiar with the matter, the Prudential Supervision and Resolution Authority (ACPR) has been conducting confidential AML assessments since last year. The checks, which involve “dozens of exchanges,” are aimed at ensuring compliance with both AML and Counter-Terrorist Financing (CFT) standards.

Binance, one of the exchanges included in the review, was instructed to strengthen its internal risk management systems in 2024. A company representative confirmed that the exchange remains in regular communication with the ACPR and described the evaluations as a normal part of regulatory oversight for registered entities.

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Typically, firms found to have deficiencies are given time to reinforce their compliance departments, often through additional staffing and system upgrades in cybersecurity and risk control.

The renewed scrutiny comes amid a broader effort by France to assert greater influence over how the European Union enforces the Markets in Crypto-Assets (MiCA) framework. French authorities have argued that uneven national standards could weaken the intended harmonization of crypto oversight across the bloc.

At the same time, the Bank of France has urged the EU to give the European Securities and Markets Authority (ESMA), headquartered in Paris, a more dominant supervisory role. Governor François Villeroy de Galhau cautioned that relying solely on national regulators could result in fragmented enforcement, especially as the European crypto market continues to expand rapidly.

The combination of heightened domestic inspections and calls for centralized EU oversight signals France’s determination to become a leading force in shaping the continent’s crypto policy.