France tightens AML checks on crypto exchanges amid MiCA review

French regulators have stepped up antimoney laundering checks on dozens of cryptocurrency exchanges, including Binance and Coinhouse, in a series of onsite inspections that began in late 2024 as authorities vet which firms will qualify for EUwide operating permits under the Markets in CryptoAssets regulation. The French Prudential Supervision and Resolution Authority, known as the ACPR, has examined platforms’ AML and counterterrorist financing controls and in several cases asked firms to strengthen internal controls and risk-management systems.

The inspections are part of a marketwide review of entities registered as digital asset service providers in France and are intended to ensure those firms meet EU AML and CFT requirements before receiving MiCA authorization. ACPR findings are being shared with the Autorité des Marchés Financiers, which is responsible for granting the national MiCA agreements that will allow firms to passport licenses across the 27 EU member states. Firms have until June 2026 to secure MiCA approval; only a small number of companies have been authorized so far.

Regulators have given companies time to remedy identified deficiencies, typically requesting...