Binance’s France unit is now under the investigation of French enforcement agencies over alleged money laundering.
Binance is a Global crypto exchange and in France, this exchange provides crypto services via its unit “Binance France SAS”, which is registered with France’s capital market regulator, the AMF (Autorité des marchés financiers).
On 16 June 2023, Coindesk reported that Binance was under investigation in the jurisdiction of France over potential alleged money laundering activities.
.@binance is under investigation by French authorities for "illegal" provision of digital asset services and "acts of aggravated money laundering. By @iamsandali and @@jackschickler.https://t.co/rP1dGsBIZP
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— CoinDesk (@CoinDesk) June 16, 2023
The Binance exchange’s team responded against such reports and confirmed that some government regulatory bodies officials visited on the site of the Binance exchange.
Binance stated that exchange always remains in compliance with regulators of every jurisdiction and here also Binance is cooperating.
Perhaps the Binance team confirmed the report but failed to disclose the actual matter linked with the investigation but confirmed that its team will also invest time to help in the investigation.
Binance vs American securities regulatory body
Around 10 days ago, the United States Securities Exchange Commission (SEC) sued Binance, Binance’s independent American subsidiary BinanceUS, and Binance CEO Changpeng Zhao (CZ) over allegedly providing unregistered securities offerings in the country.
Because of the lawsuit, BinanceUS’s business impacted badly, as the exchange delisted more than 100+ crypto assets trade pair from the platform, following suit.
Just a day after, the SEC agency sued American public crypto exchange Coinbase over providing unregistered securities offerings & crypto staking services.
In the present time, both of these two crypto exchanges are confident to fight against the SEC body in court, as the SEC body initiated a lawsuit but failed to provide clarity over the laws.
Just a few days back, BinanceUS hired 4 new legal experts to defend the exchange in court. One of the eye-catching names in the BinanceUS’s legal experts list is George Canellos, former co-director of the SEC’s enforcement division.
Read also: Coinbase increases USDC reward amid legal hurdles
A new investigation against Binance in France
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