French Regulators says Binance needed to Improve AML guidelines Before Set Up HQ in Paris

On the plan of Headquarter in Paris, French Regulators suggested Binance exchange to perfectly comply with the Anti Money Laundering (AML) compliance. 

Binance is a popular and top-level crypto exchange of crypto space and is popularly known for its high-level Pro crypto services to the users globally. This year, the exchange faced many scrutiny issues. However, a few months ago, the exchange got a clean chit from the US lawmakers. 

A few days back, we reported that Binance exchange chose Paris to set up Binance regional HQ to bring the Binance services more favourable to the regulatory guidelines. Now, the regulators of Paris are responding to the decision of the Binance Exchange. 

According to reports, Autorité des Marchés Financiers (AMF) agency’s official said that Binance exchange needed to guarantee the compliance of the services under AML guidelines. 

Francois Villeroy de Galhau- the Governor of the French central bank- said that: 

“It’s a sign of the Paris market’s innovative dynamism, but this depends on trust, and credibility is guaranteed. 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,” 

Binance on compliance with regulatory guidelines 

After the statement of the governor of the Central Bank of French, the Binance team didn’t respond but earlier this Binance CEO said that they have full hope that they will get better & favourable support from the french regulators. Binance CEO Zhao claimed that they have a total of 3500 employees in the Binance team and 600 out of these are only dedicated to the compliance works for Binance, so there are expectations that the exchange will get the green light from the AMF within the next 6 to 12 months easily.

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