Binance Investigated by French Authorities Since February 2022: Report

French Investigation into Binance

Since early 2022, Binance, the world’s leading crypto exchange, has been the subject of an investigation in France, and its legal issues are increasing.

Le Monde, a French newspaper, reported that the French branch of the crypto exchange has been under scrutiny by the Judicial Investigation Service of Finance, under the supervision of the specialized interregional jurisdiction of Paris, since February 2022.

The Paris Prosecutor’s Office has reportedly stated that their investigation is based on “acts of illegal exercise of the function of a service provider on digital assets (PSAN), and acts of aggravated money laundering, by engaging in investment operations, concealment, and conversion of profits generated by offenders.”

Binance is said to have neglected to adhere to or obey Know Your Customer regulations that monitor users and possible money laundering operations.

The crypto landscape in Southern Europe is being led by Malta.

The crypto exchange reportedly failed to acquire an operating license and was offering its services to French clients without authorization. Since 2019, crypto exchanges have been obliged to secure the approval of the Financial Markets Authority (AMF) for them to operate.

A representative from Binance informed Cointelegraph that…

SEC Lawsuit Against Binance.US

Reports concerning the French inquiry surfaced shortly after a lawsuit was brought against a crypto exchange in the United States. The U.S. Securities and Exchange Commission has accused the American branch of the exchange, Binance.US, and its CEO Changpeng Zhao, with thirteen counts.

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