France launches sweeping inspections of crypto firms ahead of EU’s MiCA regulation
French authorities have begun sweeping inspections of cryptocurrency firms as part of efforts to fight money laundering. Among the companies under law-enforcement scrutiny is Binance, one of the world’s largest exchanges.
According to Bloomberg, these inspections are being carried out ahead of the EU’s rollout of the Markets in Crypto-Assets (MiCA) regulation. The objective is to determine which firms can meet the stricter standards and obtain licenses to operate in the EU.
France’s financial prosecutor’s office, JUNALCO, had previously launched an investigation into Binance over suspected money laundering and tax offences. The case is being handled in Paris and covers the company’s activities over several past years.
Binance has denied the allegations and expressed its willingness to cooperate with regulators.
The tightening of oversight in France comes amid broader EU-wide changes in the crypto sector aimed at harmonizing rules and strengthening financial supervision.
World Affairs Correspondent
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