Binance France : At the heart of a money-laundering investigation
Defi and Exchanges

Binance France : At the heart of a money-laundering investigation

Binance France is currently under investigation for suspected money laundering. Authorities are investigating possible breaches of KYC procedures as well as illegal approaches to customers. Discover the details of this affair that is shaking up the French subsidiary of the global crypto-trading giant.

In the twists and turns of the crypto-sphere, Binance France now finds itself at the heart of an investigation. According to Le Monde, Binance’s French subsidiary is the subject of suspicions of money laundering, emanating from the Finance Judicial Investigation Department. The authorities also suspect the platform of having carried out activities outside the legal framework by illegitimately canvassing customers.

Investigation adds to Binance’s difficulties!

The investigation carried out by the Paris inter-regional specialized court highlights alleged “aggravated money laundering” and “illegally exercising the function of PSAN” on the part of Binance France. More specifically, the platform is accused of breaching “know your customer” (KYC) procedures by failing to meet its obligations. In addition, advertising campaigns were allegedly carried out on French territory prior to obtaining its PSAN registration in May 2022.

This investigation comes on top of the difficulties already encountered by Binance, which is facing SEC proceedings in the United States for violation of the Securities Act. The situation is therefore delicate for the exchange, whose image has been tarnished by these accusations.

For Binance France, David Princay, the company’s president, asserts that on-site inspections were carried out by regulators and inspectors, in accordance with regulatory obligations. He assures us that Binance has cooperated fully with the authorities and will continue to do so in order to maintain high standards.

The controversy surrounding Binance is not confined to France. US customers have also filed complaints against the platform, accusing the company of violating the service providers’ monopoly on digital assets and of deceptive business practices.

The Binance France case raises many questions about regulation and legality in the cryptocurrency world. As investigations continue, the future of the crypto-trading giant’s French subsidiary remains uncertain.

Article written by:

Laeti Marison, also known as SatoshiBelle, is a multifaceted professional with a passion for community management, content creation, and digital marketing. With a diverse background in various roles, Laeti has consistently demonstrated her expertise and dedication in the field. Recognizing her potential, Laeti then took on the responsibilities of a Project and Community Manager at Magna Numeris and Cartam from November 2018 to March 2021. In this role, she showcased her ability to successfully lead projects and foster strong relationships within the community. Currently, Laeti serves as an SEO content writer, Digital Marketing Manager, and co-founder at magazine, starting from February 2022 till now. Through her expertise in digital marketing and her passion for the crypto industry, she has contributed to the success of the magazine, ensuring its content remains relevant, engaging, and informative.

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