What happened?
France’s banking supervisor, the ACPR, has been carrying out on-site anti-money-laundering checks on dozens of crypto firms, including Binance and Coinhouse, to test their PSAN registration conditions and AML/CTF controls. The inspections began in late 2024 and have already led to instructions for firms like Binance to strengthen their risk controls. Companies that don’t address ACPR findings could face sanctions or lose the chance to get a French MiCA passport, which is needed for EU-wide operation before the June 2026 deadline.
Who does this affect?
The checks target registered crypto exchanges and digital-asset service providers operating in France, from large global players to smaller local PSANs. Customers, investors, compliance teams, and business partners of those firms are also affected because any operational restrictions or sanctions ripple outward. EU regulators and companies waiting for MiCA approvals will feel the impact too, since ACPR findings feed into licensing decisions by the AMF.
Why does this matter?
Stricter enforcement raises compliance costs and forces firms to upgrade systems, hire staff, or face fines, which can squeeze margins and change business plans. That pressure makes market consolidation more likely and could mean fewer firms win MiCA passporting, concentrating trading and custody services among compliant players. The end result may be higher confidence in regulated exchanges but also short-term volatility as investors rotate toward licensed platforms, while France’s parallel push into tokenized securities shows regulators are trying to balance enforcement with innovation.