Binance Is Under Investigation In France For Money Laundering

It has been just reported that the important crypto exchange Binance is now under investigation in France. Check out the latest reports about this below.

Crypto exchange Binance is under investigation by local authorities in France over the alleged illegal provision of crypto services and “aggravated money laundering.”

This morning, Le Monde reported that Binance has been under “preliminary investigation” by the financial judicial investigation service in Paris since February 2022. The Parisian public prosecutor’s office has confirmed the report, according to Le Monde.

The investigation concerns the alleged “illegal exercise of the function of service provider on digital assets (PSAN), and on the other hand facts of aggravated laundering, by competition with investment operations, concealment, conversion, the latter being carried out by perpetrators of offences who have generated profits,” the report stated.

According to the latest reports, it has been revealed the fact that Binance CEO Changpeng ‘CZ’ Zhao pushed back against speculation on social media. This has been saying that the crypto exchange had been selling BTC.

“Binance have not sold BTC or BNB,” he said Tuesday on Twitter. “We even still have a bag of FTT. It is amazing they can know exactly who sold based on just a price chart involving millions of traders. FUD.”

The comments came as the exchange is embroiled in a legal dispute with the U.S. Securities and Exchange Commission over allegations of major malfeasance and legal violations at its Binance.US unit the regulator argues should result in prohibiting the company from having more business connections in the country.

The online publication The Block notes the fact that a judge asked the two sides in the dispute to work out a deal in an attempt to avoid a full asset freeze.

Stay tuned for more details about the matter.