Anti-money laundering credentials key for Binance’s Paris plans – regulator

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PARIS, Nov 25 (Reuters) – France’s monetary sector regulator mentioned on Thursday that crypto change Binance should concentrate on its anti-cash laundering compliance if it needs regulatory backing to arrange a attainable regional hub in Paris.

Regulators internationally have in latest months scrutinised Binance, the world’s largest change by buying and selling volumes. Some have banned the platform from sure actions, whereas others have warned customers that it’s unlicensed to function.

The firm has acknowledged that its presently decentralised construction has been frowned on by regulators and it goals to arrange regional hubs.

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Binance CEO Changpeng Zhao mentioned earlier this month that Paris can be a “natural choice” for its regional and probably its international headquarters.

“It’s a sign of the Paris market’s innovative dynamism but this obviously depends on trust and credibility being guaranteed,” French central financial institution Governor Francois Villeroy de Galhau mentioned 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 instructed a convention organised by the ACPR monetary sector regulator, which he additionally heads.

Binance’s CEO instructed French enterprise newspaper Les Echos earlier this month that his firm hoped to get regulatory approval from the AMF in 6 to 12 months.

He mentioned 600 of Binance’s 3,500 employees work in compliance and relations with regulators.

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Reporting by Leigh Thomas;Editing by Elaine Hardcastle

A representation of cryptocurrency Binance is seen in this illustration taken August 6, 2021. REUTERS/Dado Ruvic/Illustration/File Photo