Binance France below Probe over ‘Unlawful’ Crypto Service, Cash Laundering: Report
Binance is being looked into by prosecutors in Paris
According to CoinDesk, public prosecutors in Paris are looking into claims that Binance’s French branch provided services to “illegal” cryptocurrency businesses before receiving a licence in May of last year. According to national French daily Le Monde, the trade is under investigation for “acts of aggravated cash laundering” and for possible involvement in cryptocurrency promotion prior to obtaining its registration. The country’s anti-financial crime agency, the Monetary Judicial Investigation Service, launched an investigation into Binance in February 2022 as part of JIRS Paris.
CEO Responds To Inquiry
Changpeng Zhao, the CEO of Binance, responded to this revelation by tweeting on Friday, calling the article “not information.” He stated that the transaction had a “shock go to” from local authorities “a few weeks ago,” which is common for both banks and cryptocurrency companies. Zhao also said that other anonymous “well-known” cryptocurrency companies in Paris had also been looked into. He reiterated that their “flagship centre in Europe” is still Binance France.
Binance Reacts
A subsequent tweet from Binance stated that they “had an on-site go to final week by the related authorities” and that they “won’t touch upon the specifics of legislation enforcement or regulatory investigations.” They added that they had fulfilled their commitments in a completely cooperative manner and will continue to closely collaborate with law enforcement agencies and regulators on any ongoing compliance requirements.
Further Examinations by Regulators for Binance
In order to ensure that it conforms with all relevant laws and regulations, Binance may be subject to additional regulatory inspections in the future. This might even ensure that Binance complies with its regulatory requirements when operating in France, providing investors with increased confidence that their investments are suitably safeguarded and controlled.
