France’s financial regulator has initiated broader anti-money laundering (AML) inspections targeting cryptocurrency exchanges such as Coinbase and Binance. The goal is to assess compliance ahead of issuing licenses under Europe’s crypto regulation framework (MiCA). This step could carry significant implications for how crypto platforms are supervised across the EU.
France’s supervisory authority, known as ACPR, began conducting on-site inspections of crypto exchanges in late 2024, focusing on strengthening risk control standards. The expanded scope is intended to review which platforms truly meet the thresholds required to obtain a MiCA license, enabling legal operations across the European Union.
Among the exchanges under scrutiny are major players like Coinbase and Binance. The investigations are expected to go beyond document review: operational audits, compliance of transaction monitoring systems, and demands to reinforce risk controls are all in play. In Binance’s case, regulators have already requested enhancements to its risk management framework as part of its review process.
Passing these AML checks is critical in France: exchanges that don’t meet the criteria may lose eligibility for a MiCA license, restricting their ability to conduct regulated business across Europe. Platforms will need to prove that their AML protocols, transaction surveillance, governance, and reporting systems are on par with global standards expected for financial institutions.
Stricter checks in the run-up to EU licensing
Exchanges have until June of next year to fulfill the licensing requirements, placing pressure on them to upgrade systems or face regulatory exclusion. While neither the exchanges nor the regulator have publicly commented, the move toward deeper inspections underlines a broader shift: governments now demand that crypto platforms operate under standards akin to traditional financial services.
Taken together, this development signals that the era of lax oversight in crypto is giving way to stricter coordinated supervision. Exchanges that wish to serve the regulated European market must prepare for higher scrutiny. How they respond could determine their future viability in a regulated landscape.
