On January 29, 2014, the ACPR, the French banking regulator, issued a warning against the risks of fraud and money laundering arising from buying, holding, or trading virtual currencies such as Bitcoins, just as the EBA did a few weeks earlier. However, the ACPR also stated that the exchange in France of Bitcoins against a currency that is legal tender entails a transfer of funds from the payer to the payee, hence requiring a license as payment services provider. The ACPR would like to lobby so that this position is written into the Payment Services Directive that is currently being revised.