French Regulators Urge Binance To Improve AML Compliance

French regulators urge Binance to improve their AML compliance if the exchange wants the country to become the new home for their operations. In today’s Binance news, we are reading more about it.

France could become the new home of Binance but after the exchange only enhances its efforts to guarantee anti-money laundering compliance. The French regulators reportedly announced that the crypto exchange Binance has to guarantee anti-money laundering compliance to set up a regional office in Paris. Changpeng Zhao, the CEO of the exchange described the French capital as the “natural choice” for positioning the headquarters.

The largest crypto exchange Binance has long been on a mission to find its new home. Established as a decentralized platform that has no headquarters and borders, it is changing its structure and looks for a place to settle as Zhao noted. The company has some issues with the global regulators that could turn out to be a huge issue in its way. Right now, France sounds like the best option for Binance where it can establish a global HQ since the company didn’t have any problems with the local watchdogs there. Zhao also called Paris a “natural choice” for expansion.

According to the Reuters report, settling under the Eiffel Tower will not be a simple move because the local watchdogs insist that binance enhances its AML compliance efforts. Francois Villeroy de Galhau who is the Governor of the French Central Bank said:

“It’s a sign of the Paris market’s innovative dynamism, but this obviously depends on trust, and credibility is guaranteed. 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.”

A few days ago, Zhao told the local press that his exchange aims to get a green light from regulators and added that 600 out of 3400 employees in the office are responsible for compliance and relationships with different regulators. At the start of November, the leading crypto exchange and the France FinTech NGO joined forces to create a $116 million blockchain project which came under the name “Objective Moon” with its main goal being to support the development of the digital asset industry in the region. Zhao predicted at that time:

“At Binance, we recognize the quality of French and European tech, crypto, and blockchain talent, and we are convinced that with the launch of Binance’s major operations and investment in France, we can significantly contribute toward making France and Europe the leading global player in blockchain and crypto industry.”