We are here with a hot development. There is another investigation for the leading Bitcoin exchange Binance. This time the address is not America. From a European country. Let’s look at the details.
Another inquiry for Binance!
The Paris prosecutor states in a statement that Binance is illegally providing digital asset services to local customers. There are also suspicions that it has implemented weak money laundering controls. In a statement, the prosecution points out that the investigation relates to activities before it received regulatory approval in May 2022. Accordingly, illegal activity as a digital asset service provider is among the allegations. On the other hand, money laundering is also among the allegations. In particular, the prosecution considers that such activities are carried out by criminals. It should also be noted that Binance is an institution registered with the French financial regulator AMF (Autorité des Marchés Financiers).
The world’s largest crypto exchange Binance is currently facing a lawsuit from the US Securities and Exchange Commission alleging non-registration as a trading platform and unregistered sale of securities. Binance’s France arm is suspected of selling to French customers outside the legal framework until 2022.
Statements of the prosecutor and the stock market’s response
The Paris prosecutor confirmed that an investigation into Binance by Paris’ special interregional jurisdiction led to its referral to SEJF, the government’s financial crime-fighting arm, in February 2022. The prosecutor also states that the digital materials collected in the search will now be examined in depth. The collected documents will also be examined. Ultimately, it will become the subject of this study. On the other hand, a Binance spokesperson also makes a statement on the subject. Accordingly, the spokesperson makes the following statement:
“We continue to work closely with regulators and law enforcement on all ongoing compliance requirements to maintain high standards. Binance spends significant time and resources collaborating with law enforcement around the globe. In France, as in all other markets in which we operate, we comply with all laws. We will not comment on details of law enforcement or regulatory investigations, except to say that information about our users is held securely and is only released to government officials upon receipt of appropriate documented grounds.”
Earlier today, Binance made another important statement. Accordingly, the company announced that it ceased operations in the Netherlands after it failed to obtain a license that showed it met the country’s anti-money laundering (AML) guidelines. The exchange has also applied to terminate Cyprus’ registration with the securities regulator. During last year’s Paris Blockchain Week, Binance CEO Changpeng Zhao “CZ” made important statements for Paris. He declared the city to be the financial center of Europe and the world for the crypto industry. When we look at Kriptokoin.com, we don’t know if he will say this word again now.
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