France’s financial sector regulator has said that crypto exchange Binance must focus on its anti-money laundering compliance if it wants regulatory backing to set up a possible regional hub in Paris.
Regulators across the world have in recent months scrutinised Binance, the world’s largest exchange by trading volumes. Some have banned the platform from certain activities, while others have warned consumers that it is unlicensed to operate.
The company has acknowledged that its currently decentralised structure has been frowned on by regulators and it aims to set up regional hubs.
Binance CEO Changpeng Zhao said earlier this month that Paris would be a “natural choice” for its regional and possibly its global headquarters.
“It’s a sign of the Paris market’s innovative dynamism but this obviously depends on trust and credibility being guaranteed,” French central bank Governor Francois Villeroy de Galhau said in a speech.
“That’s what will guide the ACPR and the AMF (financial markets authority) in their actions especially on the key issue of anti-money laundering,” Villeroy told a conference organised by the ACPR financial sector regulator, which he also heads.
Binance’s CEO told French business newspaper Les Echos earlier this month that his company hoped to get regulatory approval from the AMF in 6 to 12 months.
He said 600 of Binance’s 3,500 staff work in compliance and relations with regulators.
The team at Platform Executive hope you have enjoyed the ‘[post_title]’ article. Automatic translation from English to a growing list of languages via Google AI Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Leigh Thomas. Editing by Elaine Hardcastle.
You can stay on top of all the latest developments across the platform economy, find solutions to your key challenges and gain access to our problem-solving toolkit and proprietary databases by becoming a member of our growing community. Platform Executive has two membership tiers, Community (FREE) and Premium ($195 per year), which offer different levels of access to our products and services.