Binance is not ready to settle in France – Bitcoin Magazine

The French financial regulator Autorité des Marchés Financiers (AMF) has announced that the Binance exchange must ensure compliance with money laundering regulations before setting up a regional hub in Paris.

Earlier this month, CEO Changpeng Zhao (CZ) called the French capital the “best choice” for headquarters.

Binance is not ready to settle in France

Binance was recently on a mission to find a new home. Founded as a “central and limitless” decentralized platform, it is currently changing its structure and looking for a backstop, as CZ recently explained. However, the company has some issues with global regulators that could become an obstacle.

At the moment, France appears to be one of the suitable options for Binance to set up a global headquarters, as the company has had no issues with local regulators.

However, as Reuters reports, setting up its headquarters here isn’t easy as local guard dogs insist that Binance needs to step up its AML compliance efforts.

“It is an indication of the creative dynamism of the Parisian market, which however clearly depends on trust and secured credibility. This will guide the ACPR and the AMF (Financial Market Authority) in their actions, especially on the important issue of combating money laundering, ”said Francois Villeroy de Galhau, Governor of the French Central Bank.

A few days ago, Zhao said Binance hopes to get the regulatory go-ahead from AMF within 6 to 12 months. He added that 600 of Binance’s 3,500 employees are responsible for compliance and handling relationships with various regulatory agencies.

At the beginning of November, the stock exchange and non-profit association France FinTech teamed up to launch a blockchain project worth 100 million euros (116 million US dollars) in Europe. It is called “Objective Moon” with the aim of supporting the growth of the digital asset industry in France and the rest of Europe.

Back then, Zhao predicted the move could help France become a leader in the crypto space.

Sign up for a Binance account here (10% discount on spot, margin and futures trading fees): https://accounts.binance.com/en/register?ref=29171587

Annie

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