The world wlargest cryptocurrency exchange was accused of serious money laundering
The world wlargest cryptocurrency exchange was accused of serious money laundering
The world wlargest cryptocurrency exchange was accused of serious money laundering.
The world’s largest cryptocurrency exchange Binance suffered another setback.
On June 09, the cryptocurrency industry news website CoinDesk quoted the Paris prosecutor’s office as saying that Binance was being investigated by French authorities for allegedly illegally providing digital asset services and serious money laundering.
The Paris prosecutor’s office later confirmed reports that Binance was under investigation. Binance is being investigated by local authorities for illegal provision of virtual asset services and serious money laundering, the agency said.
French prosecutors pointed out in a statement that the charges against Binance involved on the one hand the illegal exercise of the functions of a virtual asset service provider (VASP), and on the other hand, the company’s investment, concealment, and conversion of business competition involving serious money laundering. conduct, the latter being carried out by profit-generating offenders.
The prosecutor’s office said an in-depth study of documents and computer elements collected during the search must now be conducted.
A Binance spokesperson claimed that last week, French authorities conducted a site visit to us, and that cooperation with regulators and inspectors is part of the obligations that all financial institutions must comply with. “We do not comment on the specific circumstances of law enforcement or regulatory investigations other than to say that our user information is held securely and is only provided to government officials upon receipt of written, appropriate justification.”
Binance founder Zhao Changpeng said on Twitter that the unexpected visit by French regulators happened a few weeks ago, this is not “news”, and Binance France will fully cooperate. Binance wasn’t the only cryptocurrency business under scrutiny either, this happened to other well-known cryptocurrency businesses in Paris as well.
The probe comes after Binance has been hit with various blows, including the June 5 decision by the U.S. Securities and Exchange Commission (SEC) to sue the company for violating securities laws. The SEC lawsuit also names Binance founder and controlling shareholder Changpeng Zhao as a defendant.
Earlier on Friday, Binance also announced that it would exit the Dutch market. Binance stated that it will stop providing services to users living in the Netherlands due to the inability to register in the Netherlands.
From July 17, existing Dutch resident users will only be able to withdraw assets from the Binance platform.
Binance stated that it will continue to work hard to obtain authorization to provide products and services to users in the Netherlands.
Previously, the cryptocurrency exchange tried unsuccessfully to obtain a virtual asset service provider license from Dutch regulators.
