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French lawmaker calls for a review of Binance’s approval

In this post:

  • French lawmaker advises review of Binance approval
  • The lawmaker was worried about issues surrounding the exchange
  • Regulators are hot on Binance’s heels

A French lawmaker has called for a review of the approval granted by authorities which will see Binance operate across the country. Binance announced that it had earned a license of operation in France. In the statement, the company noted that it was making good on its promise to work with regulators and enable easy access to its users worldwide. Recently, the approving regulator, the AMF, has come under fire from investors and analysts alike for approving the exchange giant.

The French lawmaker was worried about the approval

In a recent document released by Financial Times, a list of top lawmakers across Europe, especially Aurore Lalucq, has asked the regulator to consider its decision. According to the French lawmaker, she was inquiring about why the regulator would promise the crypto exchange respectability.

According to the letter written by the French lawmaker at the beginning of this month, the approval of the exchange was shocking and caused worries. In the letter, she said the reason was that most exchanges worldwide had denied the exchange this approval request. She noted that the agency must now move swiftly and get ahead of the matter to ensure that the situation is put under control so that other bodies can do their work without issues.

Binance’s regulatory approval woes

In its announcement, Binance noted that the move into France was the bedrock of the beginning of its move to come up with a headquarter eventually. According to Changpeng Zhao’s analysis at the time. France was going to be the company’s headquarters across the European region. European regulators have shown valid concerns over the lack of AML on the crypto exchange, which has caused restrictions by regulators. The company has also been called out numerous times for choosing to protect users instead of giving them up to authorities.

Some weeks ago, Binance was in the news for helping malicious actors carry out $2.3 billion worth of illegal funds through its exchange until 2021. The report claimed that the malicious actors used the exchange to clean up their illicit funds. This was one of the reasons there was outrage at the time that France decided to grant Binance the license. Although Binance had hit snags across Europe and some other parts, it is growing considerably in other areas. Italy provided Binance with a license to operate in the country. That license came off the back of an earlier one approved in Dubai.

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