Binance’s Paris project money laundering prevention credential key

© Reuters. File Photo: A representation of the cryptocurrency Binance can be seen in this figure taken on August 6, 2021.Reuters / Daddle Bitch / Illustration / File Photo

Paris (Reuters)-French financial sector regulators need to focus on anti-money laundering compliance on Thursday if crypto exchange binance wants regulatory support to establish a possible regional hub in Paris. Said.

Regulators around the world have scrutinized Binance, the world’s largest exchange in terms of trading volume, in recent months. Some have banned the platform from certain activities, while others have warned consumers that they do not have a license to operate it.

The company acknowledges that the current decentralized structure is disliked by regulators and aims to establish a regional hub.

Binance CEO Changpeng Zhao said earlier this month that Paris would be a “natural selection” for the region and perhaps its global headquarters.

“This is a sign of the innovative dynamism of the Paris market, but it clearly depends on the guarantee of trust and trust,” France’s central bank governor François Billroy de Garhow said in a speech. “.

“It guides the actions of ACPR and AMF (Financial Markets Authorities), especially on the key issues of preventing money laundering,” Villeroy said at a conference hosted by ACPR financial sector regulators.

Binance CEO told the French business newspaper Les Echos earlier this month that his company wants to get regulatory approval from AMF within 6-12 months.

He said that 600 of Binance’s 3,500 staff work in compliance with regulatory agencies.

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Binance’s Paris project money laundering prevention credential key

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