Binance France under investigation for money laundering

Binance France is suspected by the financial investigation service to have missed to his bonds in the field of KYC procedures but also to have contact from customers outside from legal framework.

Le Monde reported this Friday morning that the French subsidiary of Binance was the subject of a investigation in France.

The financial judicial investigation department under the direction of the specialized interregional court in Paris suspects the French annex of the world leader in crypto-trading of “ aggravated money laundering “and ” facts of illegal exercise of the function of PSAN “confirmed the Paris public prosecutor’s office to the newspaper.

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According to Le Monde, Binance France is more specifically suspected of having failed to comply with its “know your customer” (KYC) obligations, and of having carried out advertising campaigns in France before obtaining its PSAN registration in May 2022.

In France, on-site inspections by regulators and inspectors are part of the regulatory obligations with which all financial institutions must comply. We had an on-site visit last week by the relevant authorities. Binance, as always, has been fully collaborative and we have fully complied with the obligations”, said David Princay, President of Binance France, adding that the company would continue to work with the regulators to “maintain high standards”.

By the end of 2022 French Binance customers15 in all, have lodged a complaint with the public prosecutor. They accuse the platform of a “violation of the monopoly of digital asset service providers”, a “misleading commercial practice” and “concealment of fraud”.

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Across the Atlantic, Binance is now being sued by the SEC. The SEC is accusing the exchange of violating the Securities Exchange Act.

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