Binance, the global leader in cryptocurrency exchange by trading volume, is currently under investigation in France for alleged money laundering, as revealed by the French media outlet Le Monde. Binance’s French affiliate is presently under thorough review by the country’s finance judiciary.
Binance Examined by French Regulators
Amidst the growing obstacles confronting crypto exchange Binance, it has emerged that the French regulatory bodies have now set their sights on the company’s French branch. This follows legal proceedings initiated by the U.S. Securities and Exchange Commission (SEC) against Binance. Law enforcement agencies in France have now launched an investigation into the case, corroborated by the Paris public prosecutor’s office, as reported by Le Monde.
The allegations against Binance include “aggravated money laundering” and offences linked to the “illegal supply of digital asset services (PSAN)”. It is asserted that Binance did not set up an adequate know-your-customer (KYC) protocol within France. Yet, in a statement to Reuters, a Binance spokesperson disclosed that the company met with regulatory bodies just a week ago.
In France, regulatory inspections and on-site visits are compulsory for all financial establishments, noted the representative from Binance. “We underwent an on-site inspection by the relevant authorities just last week,” they stated. “We don’t intend to share specifics about law enforcement or regulatory probes, but we assure that user information is securely stored and only handed over to government officials with proper documented justification.”
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Frequently Asked Questions (FAQs) about Binance investigation
What is the investigation surrounding Binance in France about?
The investigation surrounding Binance in France is related to allegations of money laundering and regulatory violations.
Which publication reported on the investigation?
The investigation was reported by the French publication Le Monde.
What specific charges are being brought against Binance?
The charges against Binance include “aggravated money laundering” and offenses related to the “illegal provision of services for digital assets (PSAN)”.
Has Binance complied with know-your-customer (KYC) regulations in France?
It is alleged that Binance neglected to establish a proper know-your-customer (KYC) compliance process within France. However, Binance claims to have engaged in a meeting with regulators recently.
Law enforcement officials in France have initiated an investigation into Binance’s French subsidiary. The finance judicial investigation service of France is currently scrutinizing the actions of the subsidiary.
What is Binance’s response to the investigation?
A spokesperson from Binance has stated that the exchange had an on-site visit by the relevant authorities as part of regulatory obligations. Binance emphasizes that user information is securely held and only provided to government officials with appropriate justification.
More about Binance investigation
- Le Monde – French Investigation Targets Binance
- U.S. Securities and Exchange Commission (SEC)
- Binance Official Website