French regulator says Binance must focus on laundering compliance

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French regulator says Binance must focus on laundering compliance

PARIS Reuters - France's financial sector regulator said on Thursday that Binance must focus on its anti-money laundering compliance if it wants regulatory backing to set up a possible regional hub in Paris.

In recent months, regulators have looked at Binance, the world's largest exchange by trading volumes. Some have banned the platform from certain activities while others have warned consumers that it is unlicensed to operate.

The company wants to set up regional hubs because of the fact that its currently decentralised structure has been frowned on by regulators.

The CEO of Binance, Changpeng Zhao, said earlier this month that Paris would be a natural choice for its regional and possibly global headquarters.

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 told a conference organized by the ACPR financial sector regulator.

The CEO of Binance told French business newspaper Les Echos earlier this month that his company hoped to get regulatory approval from the AMF in 6 to 12 months.

He said 600 of the 3,500 employees of Binance work in compliance and relations with regulators.