Binance under investigation in France since February 2022: Report
The French arm of Binance is reportedly under investigation by the local authorities on charges of “aggravated money laundering.“
The legal troubles for the world’s leading crypto exchange Binance continue to mount as a new report suggests the exchange is under investigation in France since early 2022.
According to a report published in French daily Le Monde, the French arm of the crypto exchange has been the subject of a preliminary investigation - conducted by the judicial investigation service of finance under the direction of the specialized interregional jurisdiction of Paris - since February 2022.
The Paris public prosecutor's office reportedly cited "acts of illegal exercise of the function of service provider on digital assets (PSAN), and acts of aggravated money laundering, by participating in investment operations, concealment, conversion, the latter being carried out by perpetrators of offenses having generated profits," as the basis of the investigation.
Binance reportedly failed to follow or comply with the "know your customer" procedures that keeps a check on users and their money laundering activities.
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