France Launches an Investigation into Binance
Since February of 2022, the French branch of Binance has been under preliminary investigation due to their alleged illegal provision of cryptocurrency services and non-compliance with anti-money laundering obligations, as reported by Le Monde and the prosecutor’s office in Paris.
The case, previously overseen by the Special Interregional Jurisdiction of Paris, has since been transferred to the Financial Crimes Investigation Service.
There have been several “acts of money laundering with aggravating circumstances” and documentary and digital materials collected from a search are to be vetted.
David Prinçay, the French head of Binance, says they are in full compliance with local legislation and are cooperating with the authorities. In May of this year, Binance received a license from the French Financial Market Supervisory Commission as a crypto service provider.
