France’s banking supervisor, the Autorité de Contrôle Prudentiel et de Résolution (ACPR), has launched new anti-money-laundering (AML) probes on registered crypto exchanges, including Binance. The goal is to verify compliance with the Markets in Crypto-Assets Regulation (MiCA).
The inspections, confirmed on October 17, 2025, cover more than 100 firms currently licensed or transitioning under France’s PSAN regime. This framework now operates fully within MiCA’s EU rules. Officials said the reviews ensure consistent enforcement of AML standards as national registrations convert into harmonized EU MiCA authorizations.
ACPR Enforces Stronger Oversight Within the MiCA Framework
The ACPR crypto investigation focuses on AML governance, transaction monitoring, beneficial-owner verification, and travel-rule compliance. These are enforcement reviews, not preparatory audits. They confirm that providers already licensed under MiCA meet EU-level AML expectations.
Paris has positioned itself as a compliance hub. The inspections highlight France’s capability to enforce anti-money-laundering compliance more rigorously than many peers while aligning with EU supervisory reforms.
From PSAN Registration to Full MiCA Authorization
France’s PSAN registration system, established in 2020, provided early structure to crypto oversight. Under MiCA, those PSANs are becoming crypto-asset service provider (CASP) licenses recognized across the EU.
France’s current AML probes on crypto exchanges determine which platforms meet the technical and procedural standards required to continue operating under MiCA. In doing so, this transition effectively bridges the national regime with the new EU authorization. As a result, it allows compliant platforms to passport services across borders once their licenses are formally approved by the national authority.
Binance Under Dual Scrutiny
This latest AML probe continues to draw attention to Binance during France’s regulatory tightening. In early 2025, French prosecutors at JUNALCO opened a judicial investigation into suspected money laundering and tax violations between 2019 and 2024.
By contrast, the ACPR’s current review is prudential and administrative. It focuses on internal controls rather than criminal conduct, a key prudential vs judicial probe distinction. After a prior audit, Bloomberg reported that regulators asked Binance to strengthen compliance systems. The company said it is cooperating fully with French and EU authorities.
France’s Push for Centralized EU Supervision
Beyond national enforcement, France is pushing for EU centralized crypto oversight under the Anti-Money-Laundering Authority (AMLA). The Bank of France and ACPR argue that large cross-border exchanges, such as Binance, Coinbase, and Kraken, should face direct EU supervision. They cite systemic risk and uneven national enforcement capacity.
The Bank of France direct supervision proposal aligns with AMLA’s mandate to oversee high-risk entities in multiple member states. Its supervisory board becomes operational in 2026. France’s inspections, therefore, serve both a national and political purpose. They show that France can lead on compliance until EU control becomes centralized.
>>> Read more: France, Italy & Austria Challenge MiCA; Push ESMA Oversight
AMLA’s Expanding Role in Crypto Oversight
Operational since July 2025, AMLA has made crypto supervision a key priority. Its AMLA work programme 2025 lists crypto assets among the EU’s top money-laundering and terrorism-financing risks.
The agency now coordinates with national regulators such as the ACPR and Germany’s BaFin to harmonize reporting templates and suspicious-activity procedures. France’s current AML inspections align domestic enforcement with the EU’s AMLA crypto supervision model and give Paris early influence in shaping methodology.
What Regulators Are Examining
- Real-time transaction monitoring and escalation procedures.
- Beneficial-owner (KYC) verification and re-screening frequency.
- Sanctions-list management and handling of frozen digital assets.
- Travel-rule compliance crypto data exchange between counterparties.
- Internal audit records that prove management accountability for AML controls.
Results will decide whether firms keep their MiCA licenses or must implement remediation. The findings will also feed into AMLA’s cross-country data to detect systemic weaknesses.
Industry Impact and Market Implications
The intensified ACPR crypto investigation is forcing exchanges to upgrade compliance frameworks. Many are consolidating operations to reduce duplication costs. Smaller PSANs and custodians may struggle to meet MiCA’s high AML standards and could merge or exit the French market.
Analysts expect the French reviews to become the benchmark for AMLA crypto supervision across Europe. BNB briefly fell on the news but recovered once it became clear the inspections are regulatory maintenance, not punitive action.
What Comes Next
The ACPR expects to complete its AML inspection cycle by early 2026. It will align findings with AMLA’s centralized database for CASP supervision. Firms that fail to show compliance will receive remediation notices and may face delays in cross-border authorization.
France’s assertive enforcement confirms its goal to remain Europe’s compliance gatekeeper, applying MiCA licensing in France while helping shape future EU centralized crypto oversight.
Bottom Line
France’s latest AML checks marks a turning point in Europe’s regulatory evolution. Rather than preparing for MiCA, France is enforcing it now. The ACPR inspections test how a future EU-wide supervision model could function under AMLA crypto supervision. For major exchanges, the message is clear: MiCA’s single market comes with single-standard accountability; and France intends to define that standard.
Glossary — abbreviations and key terms
ACPR — Autorité de Contrôle Prudentiel et de Résolution
France’s banking and insurance supervisor under the Bank of France. Oversees prudential compliance, including anti–money-laundering checks on financial and crypto institutions.
AMF — Autorité des Marchés Financiers
France’s financial markets authority. Regulates securities and asset managers; coordinates with ACPR on oversight of crypto-asset service providers (PSANs).
AMLA — Anti-Money-Laundering Authority
EU-level agency (operational from 2025) that coordinates AML supervision across member states and will directly oversee high-risk cross-border entities.
CASP — Crypto-Asset Service Provider
The MiCA term for entities providing crypto services (trading, custody, exchange) within the European Union.
ESMA — European Securities and Markets Authority
EU agency that harmonizes financial supervision; works with AMLA and the ECB on crypto oversight.
JUNALCO — Juridiction Nationale de Lutte contre la Criminalité Organisée
France’s national jurisdiction against organized crime. Leads judicial investigations into large-scale financial crimes, including crypto-related money laundering.
MiCA — Markets in Crypto-Assets Regulation
EU regulation that harmonizes licensing and conduct rules for crypto-asset issuance and services across all member states.
PSAN — Prestataire de Services sur Actifs Numériques
France’s term for “digital-asset service provider.” The national regime now transitioning into the EU’s CASP framework under MiCA.
Readers’ frequently asked questions
Will France’s AML probes delay new crypto licenses under MiCA?
Yes. Firms under inspection may experience short delays in their MiCA authorization process if the ACPR identifies weaknesses in AML or governance controls. However, France has committed to complete all prudential reviews before the first quarter of 2026, ensuring MiCA licensing continues on schedule for compliant exchanges.
Are retail users affected by these inspections or their trading activity in France?
No. France’s AML checks target corporate compliance and internal controls, not retail user activity. Customer funds and access to trading platforms remain unaffected unless an exchange loses authorization entirely, in which case users would be notified by the regulator and required to withdraw assets to a licensed provider.
How does France’s position influence how AMLA will supervise crypto across Europe?
France’s ACPR is setting an early benchmark for AMLA by testing how national reviews can align with EU-level supervision. The data and results from France’s audits will feed into AMLA’s comparative assessments, shaping how the new EU authority prioritizes future cross-border inspections and risk categorization for major crypto exchanges.
What Is In It For You? Action items you might want to consider
Exchanges operating in France should audit their AML frameworks now
Crypto-asset service providers licensed under MiCA should immediately review their transaction monitoring, KYC, and travel-rule systems to ensure they align with ACPR and EU-level AMLA standards. Early internal audits reduce the risk of remediation orders or licensing delays.
Investors should verify that their exchange is MiCA-authorized
Retail users can check whether their chosen platform holds a valid MiCA license through the ACPR or ESMA registers. Only MiCA-authorized exchanges will retain cross-border rights once AMLA assumes partial supervision in 2026.
Compliance teams should monitor AMLA’s guidance updates
The EU’s Anti-Money-Laundering Authority will release new supervisory templates and data-reporting requirements in 2025–2026. Following AMLA publications ensures firms stay compliant with the evolving standards France is already enforcing.
