France: Binance filed to comply with PSAN registration

CZ announces that Binance is in the process of obtaining the PSAN registration.

Actors who are not registered incur sanctions.

Changpeng Zhao aka CZ told the Paris Blockchain Week Summit (PBWS) that Binance has filed a case with the AMF to comply with regulations in France.

PSAN registration

To date, 4 French companies have obtained Bitcoin Formula registration namely Coinhouse, LGO Exchange, StackinSat and SheeldMarket . Binance would be the first entity of international stature to obtain registration.

Registration involves in particular the establishment of internal control procedures to ensure compliance with obligations such as the fight against money laundering, terrorist financing (AML-CFT) as well as the freezing of assets.

Tightening of regulation in France

Bruno Le Maire presented an ordinance on Wednesday December 9 in the Council of Ministers to strengthen the supervision of cryptocurrency purchases.

More concretely, French exchanges will have to toughen up customer knowledge processes and ask for a second proof of identity. The SEPA transfer would be the second proof envisaged by the government.

These new requirements echo the dismantling in France of a terrorist financing network using cryptocurrencies.

ADAN reacted to these new constraints for the crypto-blockchain industry in France:

On the form, this ordinance again establishes the amalgam between digital assets and the financing of terrorism. However, while digital assets can be used for illicit purposes, recent studies show that these uses are very low today, in terms of the amount and number of transactions.