The French regulator: Binance must comply with AML requirements to open headquarters in Paris

Binance CEO plans to register a regional or even global center in France

27.11.2021 - 07:55

675

1 min

What’s new? The French financial sector regulator Autorité des Marchés Financiers (AMF) has stated that cryptocurrency exchange Binance should focus on AML (anti-money laundering) compliance. If the company wants to get approval to set up its headquarters in Paris, it must comply with the prescribed conditions. This is reported by the Reuters news agency.

Information on the Reuters website

What does the regulator say? Francois Villeroy de Galhau, the head of the French Central Bank, commented as follows on the choice of Paris as its headquarters:

“It's a sign of the Paris market's innovative dynamism but this obviously depends on trust and credibility being guaranteed. That's what will guide the ACPR (The French Prudential Supervision and Resolution Authority) and the AMF in their actions especially on the key issue of anti-money laundering.”

What is the opinion of the exchange's CEO? Binance CEO Changpeng Zhao acknowledged that the organization’s decentralized structure is met with disapproval from regulators. He has therefore started looking for countries to set up regional hubs. The CEO added that Paris would be a natural choice for a regional or global headquarters.

Zhao reported that his company hoped to get approval from the AMF within 6-12 months. He said 600 of the company's 3500 employees are involved in compliance and regulatory relations.

Author: