A money laundering investigation is apparently focusing on the troubled cryptocurrency exchange Binance in France. The Paris prosecutor's office is looking into the cryptocurrency giant for "aggravated" money laundering and unlawfully acting as a distributor of digital assets, according to many reports that were published on Friday (June 16). The probe was verified by Binance on its Twitter feed. The company wrote, "We had an on-site visit last week by the relevant authorities."Binance was as fully cooperative as it normally is, and as a consequence, we completed our tasks. To maintain high standards, we continue to collaborate closely with authorities and law enforcement organizations on all current compliance needs.
The founder of Binance, Changpeng Zhao, noted on Twitter that the French authorities' examination was part of a larger investigation of other crypto firms in Paris. The probe adds to the strain Binance is already under from regulatory actions taken by governments throughout the world, including the Securities and Exchange Commission (SEC). Additionally, it occurred on the same day that the company announced it was leaving the Netherlands as a result of its inability to obtain a license from the country's central bank. According to the company's website, "Binance has been in a thorough registration application process as a virtual asset service provider (VASP) with the Dutch regulator." Despite the fact that we looked into several other options for providing services to Dutch people in accordance with Dutch law, a VASP registration in the Netherlands has not yet been achieved.
Binance will keep working to get licenses so we may offer our goods and services to customers in the Netherlands. Earlier this month, the company announced its departure from Canada, citing the country's "new guidance related to stablecoins and investor limits provided to crypto exchanges as making the Canada market no longer tenable for Binance at this time." "On June 5, the SEC filed 13 accusations against Binance and Zhao, alleging a number of breaches of the Securities Exchange Act and that the exchange "engaged in an extensive web of deception." In response, Binance stated that its assets are "safe and secure," that the SEC has declined to provide the digital asset market with direction and clarity, and that "regulation by enforcement" is not the best approach to establish an efficient regulatory system.
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