News - French prosecutor's office investigates Binance

By Mike Hesp

French prosecutor's office investigates Binance

Laws and regulations

According to consistent media reports, the Paris prosecutor's office is investigating Binance. The case involves suspicion of money laundering.

Prosecutors in Paris are investigating Binance France. Authorities are investigating the French branch of the troubled group on suspicion of serious money laundering, reported Coindesk first.

The company is also accused of "illegally operating a cryptocurrency trading platform." Binance had actually received a license to operate a trading platform in France in May 2022.

In addition, the platform had not fulfilled its obligations with regarding KYC requirements. The investigation into this had been ongoing since February 2022. This was first reported by Le Monde.

The French tax and customs authority SEJF is also assisting in the investigations. According to media reports, Binance's business premises in France have already been visited by authorities for audit purposes. According to David Prinçay, president of Binance France, however, this is a normal state of affairs. The company has been cooperative.

The news comes just hours After Binance announced its withdrawal from the Netherlands. The reason was a missing VASP license.

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