A report of French regulators indicated that Binance did not comply with AML compliance, which led to the investigation of the company.
Binance is the world’s largest cryptocurrency exchange with a daily trading volume of $2.7 billion. The company has been growing rapidly in the last year and plans to move its headquarters to Paris, France.
The AMF recently released a statement saying that Binance will need to abide by anti-money laundering (AML) guidelines in order to maintain its status as a registered commercial service. If Binance cannot comply with the AML requirements set by the Autorité de Marchés Financiers (AMF), they will not be allowed to continue their operations in France.
Binance is one of the most well-known cryptocurrency exchanges in the world. In 2018, the exchange received a lot of scrutiny from US lawmakers for suspected money laundering and other illegal activities. However, it received a clean chit from US lawmakers this year suggests that the company has been compliant with regulations after all.
Legal provisions evolving
Crypto regulation is a highly debated topic that doesn’t have an answer yet. The regulatory frameworks are rapidly changing due to the market. Most of the crypto-related companies are not regulated at all. There are no clear guidelines when it comes to the future of cryptocurrencies which makes it difficult for financial institutions and regulators across the globe to make decisions on their operations.
Crypto regulation is still something that is not fully understood by many people. When cryptocurrency started gaining popularity, governments decided to come up with legislation about it. This led to different countries having different approaches towards regulating this new phenomenon – some countries embraced cryptocurrency while others did not.
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