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Key to Binance’s Paris Anti-Money Laundering Plans – Regulator

PARIS, Nov 25 (Reuters) – France’s financial regulator said Thursday that crypto exchange Binance must focus on its anti-money laundering compliance if it wants regulatory support for the establishment of a possible regional hub in Paris.

Regulators around the world have been scrutinizing Binance, the world’s largest exchange by trading volume, over the past few months. Some have banned certain activities from the platform while others have warned consumers that it is not licensed to operate.

The company has admitted that its current decentralized structure is frowned upon by regulators and intends to establish regional hubs.

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Binance CEO Changpeng Zhao said earlier this month that Paris was a “natural choice” for its regional and possibly global headquarters.

“It is a sign of the innovative dynamism of the Paris market, but of course this depends on trust and credibility being guaranteed,” said French central bank governor Francois Villeroy de Galhau in a speech.

“This will guide the ACPR and the AMF (Financial Market Authority) in their actions, particularly on the central issue of combating money laundering,” Villeroy said at a conference organized by the ACPR Financial Authority, which he also chairs.

Binance’s CEO told French business newspaper Les Echos earlier this month that his company was hoping to get regulatory approval from the AMF in 6 to 12 months.

He said 600 of Binance’s 3,500 employees work in compliance and regulatory relationships.

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Reporting by Leigh Thomas; editing by Elaine Hardcastle

Our Standards: The Thomson Reuters Trust Principles.

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