The French branch of Binance, the world’s leading cryptocurrency exchange platform, is the subject of a legal investigation into possible illegal activities and money laundering, according to sources from the Paris Ministry of Public Administration cited by Le Monde this Friday.
In particular, the investigation, which began in February 2022, focuses on the possible illegal exercise of the function of “digital asset service provider” and “aggravated money laundering”, according to the newspaper Le Monde.
The alleged money laundering may have occurred “through [sua] participation in investment operations, concealment or conversion” of assets, the latter being carried out by “persons who have committed crimes that resulted in profits.”
According to the newspaper Le Monde, the Paris prosecutor’s office did not respond to an email sent by the newspaper asking to “confirm or deny” this information.
Le Monde elaborates that the first reason for the investigation is that Binance has been offering services in France since 2020, but was not properly registered until May 2022 with the Financial Markets Authority (AMF).
Aggravated money laundering suspicions arose shortly after the U.S. Securities and Exchange Commission (SEC) sued Binance last week for violating a number of rules and asking a judge to freeze its assets in the country.
Author: Portuguese
Source: CM Jornal
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