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🚨🔍 Breaking: French branch of Binance, one of the world's largest cryptocurrency exchanges, is currently under regulatory investigation. F

 



French authorities accuse Binance of engaging in illegal practices related to digital asset services and money laundering. This case adds to a series of legal challenges faced by Binance worldwide. In this article, we summarize the key information about this investigation.

The Allegations: The Paris Public Prosecutor's Office has confirmed that Binance is alleged to have operated illegally as a provider of digital asset services. Additionally, the company is accused of being involved in "acts of aggravated money laundering." The investigation pertains to activities where Binance is said to have targeted French customers outside the legal framework. These practices are believed to have continued until 2022.

The Investigations: The investigations were conducted by the specialized interregional judicial authority of Paris (JIRS). In February 2022, the case was transferred to the SEJF, an anti-financial crime authority of the French government. During a search of Binance's offices, documents and computer data were collected, which will now be examined in detail.

Further Legal Challenges for Binance: This investigation in France is not the only legal challenge currently faced by Binance. The company is also confronted with a lawsuit from the U.S. Securities and Exchange Commission (SEC). The SEC accuses Binance of not being registered as a trading platform and of selling unregistered securities. Furthermore, Binance is struggling to obtain licenses to comply with anti-money laundering (AML) regulations in countries such as the Netherlands.

Binance's Reactions: Binance has emphasized that the company has been fully cooperative and has fulfilled all regulatory obligations. The company asserts that it collaborates with authorities and law enforcement agencies worldwide, adhering to all applicable laws. Binance has also announced its efforts to focus on less regulated entities within the European Union.

Conclusion: The regulatory investigation of Binance's French unit due to illegal practices related to digital asset services and money laundering poses further legal challenges for the company. Binance is already under scrutiny by regulatory authorities worldwide and is facing various lawsuits. The results of the investigation in France could impact Binance's future business operations and highlight the increasing regulatory requirements in the cryptocurrency sector.

Note: The information in this article is based on a CoinDesk article. The development of the case may change, and it is advisable to follow current news sources to stay informed about the latest developments.

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