Claim BonusFrench Regulator Faces Backlash Over Binance Approval; Here’s Why
In May, Binance, the world’s largest cryptocurrency exchange received a green flag from the French regulator. However, the watchdog’s this move is now facing heavy backlash from the European lawmaker.
Approval came as a surprise
According to a report from Financial Times, Aurore Lalucq, French MEP has asked the Autorité des Marchés Financiers (AMF) to re-evaluate its decision. She added that the May ruling gave the crypto exchange a “guarantee of respectability”.
The report mentioned that earlier this month, the lawmaker sent a letter to the regulator regarding this move. Lalucq highlighted that this decision was surprising and worrying. This commitment landed when major supervisors have already refused to provide any kind of approval or registration to the Binance.
To this, the French regulator denied disclosing its communication with the lawmakers. Meanwhile, Binance said that it will go above the set industry standards to detect bad actors. It will pursue to fulfill all required demands set by regulators.
Talking to FT, Lalucq highlighted that it’s their job as legislators to move as fast as possible to get clarity over the situation. This will lead the institutions to fulfil their responsibilities effectively.
Will Binance lose its bid?
Back in May 2022, AMF decided to list the Binance subsidiary as a digital assets service provider. This crucial breakthrough came after months long efforts done by the crypto exchange. Changpeng Zhao, Binance chief even had a meeting with the French President Emmanuel Macron.
The world’s largest crypto exchange’s entry into the nation stands in contrast with the major jurisdictions. Binance has been criticized for its policies to shield consumers and avoid money laundering through its platform.
Spanish MEP Ernest Urtasun commented that its registration caught others off guard.
I wasn’t expecting this to happen in France. As a jurisdiction, France is probably the jurisdiction that is taking the toughest stance in regulating crypto, he added
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Crypto Traders Reduce Fed Rate Cut Expectations Even as Expert Calls Fed Chair Nominee Kevin Warsh ‘Dovish’
- Crypto, Banks Clash Over Fed’s Proposed ‘Skinny’ Accounts Ahead of White House Crypto Meeting
- XRP News: Ripple Expands Custody Services to Ethereum and Solana Staking
- Bernstein Downplays Bitcoin Bear Market Jitters, Predicts Rally To $150k This Year
- Breaking: Tom Lee’s BitMine Adds 40,613 ETH, Now Owns 3.58% Of Ethereum Supply
- Cardano Price Prediction as Bitcoin Stuggles Around $70k
- Bitcoin Price at Risk of Falling to $60k as Goldman Sachs Issues Major Warning on US Stocks
- Pi Network Price Outlook Ahead of This Week’s 82M Token Unlock: What’s Next for Pi?
- Bitcoin and XRP Price Prediction as China Calls on Banks to Sell US Treasuries
- Ethereum Price Prediction Ahead of Feb 10 White House Stablecoin Meeting
- Cardano Price Prediction as Midnight Token Soars 15%
