As the European Union’s comprehensive Markets in Crypto-Assets (MiCA) regulation deadline approaches, France is intensifying its scrutiny of cryptocurrency exchanges operating within its jurisdiction. Among the firms subjected to wide-reaching anti-money laundering (AML) checks are two major industry players: Binance, the world’s largest cryptocurrency exchange, and Coinhouse, a prominent Paris-based crypto service provider. These regulatory actions underline France’s determined approach to enforce stringent compliance standards before the MiCA framework fully takes effect.
Background: MiCA and Its Regulatory Timeline
The MiCA regulation, which came into force across the EU on December 30, 2024, represents a landmark regulatory framework aimed at harmonizing the oversight of crypto-asset service providers (CASPs) throughout the bloc’s 27 member states. Under MiCA, CASPs, known as Digital Asset Service Providers (DASPs) or Prestataires de Services sur Actifs Numériques (PSAN) in France, must obtain authorization from the relevant national financial authorities to continue operations legally.
France’s Authority for Financial Markets (AMF) is tasked with granting these licenses domestically. An 18-month transitional period has been established, allowing existing crypto firms to continue operating under current regulations while seeking MiCA approval, with a compliance deadline set for June 30, 2026. Notably, firms failing to meet the stringent AML and other regulatory standards risk being denied the critical MiCA license, which functions as a passport allowing them to operate EU-wide.
France’s Crackdown on Binance and Coinhouse
Since late 2024, the French Prudential Supervision and Resolution Authority (ACPR), a key financial regulator, has been conducting on-site AML inspections and risk assessments targeting Binance, Coinhouse, and other crypto exchanges. These inspections form part of a broader effort to evaluate whether these exchanges meet France’s robust AML requirements ahead of the EU-wide MiCA licensing deadline.
The ACPR’s ongoing checks have uncovered areas where Binance, in particular, has been instructed to bolster its internal risk controls and compliance frameworks. The outcome of these reviews carries high stakes; failure to satisfy French regulators’ AML standards could jeopardize Binance’s and Coinhouse’s permission to legally offer crypto services in France and across the EU under MiCA.
A Binance spokesperson commented on the ongoing engagement, emphasizing that the ACPR’s AML framework reviews are a regular component of regulatory oversight for AML-registered companies and that the checks are being applied broadly across dozens of exchanges as detailed in the ACPR’s 2024 annual report.
Strategic Importance of AML Oversight
France’s rigorous approach signals its intention to lead the enforcement of EU’s crypto regulations robustly. The country has expressed concerns about the uneven implementation of MiCA licensing across member states. This is especially relevant as many crypto firms flock to jurisdictions perceived to have lower licensing barriers and less stringent AML scrutiny, undermining regulatory consistency and security.
Marie-Anne Barbat-Layani, President of France’s AMF, has highlighted these regulatory arbitrage risks and the importance of ensuring that crypto companies operating in France do not circumvent strict supervision by licensing in more lenient EU countries. The current inspections are thus an integral step in reinforcing France’s domestic market integrity and protecting consumers from risks associated with money laundering and terrorist financing.
Broader EU Context and Industry Implications
MiCA brings a unified legal framework for crypto service providers across Europe, addressing previously fragmented national regulations and creating a more transparent and secure market environment for digital assets. Yet its ambitious scope has led to challenges, including discrepancies in how member states regulate crypto firms, which France is actively working to resolve through heightened enforcement.
The successful licensing of exchanges such as Binance and Coinhouse under MiCA will have significant implications. It will enable these platforms to offer services seamlessly across the entire EU without needing separate permits in each jurisdiction. However, this also means they must fully comply with AML, consumer protection, and operational risk management standards as mandated by MiCA and French authorities.
Stakeholder Reactions
Reactions from within the crypto industry reflect a mix of acknowledgment and caution. Binance remains cooperative with the ACPR, underscoring its commitment to complying with evolving regulatory requirements while continuing to innovate and expand its services. Coinhouse, known for its strong ties to France’s burgeoning crypto market, is similarly under close supervision but has emphasized its proactive approach to regulatory compliance.
Regulators across Europe are watching France’s AML enforcement closely, viewing it as a benchmark scenario for how MiCA will be implemented in practice. The rigorous inspections and potential recalibrations by exchanges will likely shape the operational and compliance landscape for all CASPs seeking MiCA authorization.
What’s Next: The Road to June 2026
With the June 30, 2026 deadline for obtaining MiCA licenses looming, crypto exchanges and service providers in France are under pressure to demonstrate full regulatory compliance. The ACPR has signaled that it will continue its proactive inspection regime, focusing on AML adherence, risk management, customer due diligence, and transparency requirements.
For Binance and Coinhouse, fulfilling the ACPR’s AML expectations is critical not only for their continued operations in France but also for establishing regulatory credibility that will benefit them as they seek to expand their footprint in other European markets under MiCA’s passporting provisions.
France’s sweeping AML checks on Binance, Coinhouse, and other crypto exchanges ahead of the MiCA licensing deadline illustrate a robust regulatory stance aimed at strengthening compliance and safeguarding the integrity of the EU digital asset market. As the MiCA framework becomes fully operational, these enforcement actions underline the escalating regulatory expectations crypto firms face and the vital role of AML in shaping the future of digital finance in Europe.