The local Binance unit in France is under investigation by Paris prosecutors over the ‘illegal’ provision of crypto services before it was licensed in May last year, CoinDesk reports. The exchange is also being investigated for “aggravated acts.” Money laundering
Money laundering
Money laundering is an umbrella term to describe the process by which criminals conceal the original ownership and proceeds of criminal behavior by making it appear that the proceeds are derived from a legitimate source. financial services space. Although criminal money can be successfully laundered without the help of the financial sector, billions of dollars in money from crime is laundered.
Money laundering is an umbrella term to describe the process by which criminals conceal the original ownership and proceeds of criminal behavior by making it appear that the proceeds are derived from a legitimate source. financial services space. Although criminal money can be successfully laundered without the help of the financial sector, billions of dollars in money from crime is laundered.
Read this termsaid the outlet, quoting the French city’s public prosecutor’s office.
everyday local french, the world, as reported receiving the same information from the prosecutor’s office. The outlet said that Binance has been suspected of providing digital asset services in the country since 2020. The exchange is also under scrutiny over its possible involvement in promoting cryptocurrencies prior to their registration.
France’s anti-financial crime agency, the Financial Judicial Investigation Service, began investigating Binance in February 2022, at the direction of a specialized court, JIRS Paris, the publication reported.
The disclosure of Binance France comes at a time when it is the largest in the world
Cryptocurrency exchange
Cryptocurrency exchange
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or a digital asset. Compared to a generalized financial exchange, the primary function of a cryptocurrency exchange is to allow and encourage the buying and selling of cryptocurrencies. A stable and suitable trading environment for traders located in different locations around the world. Sometimes, a cryptocurrency exchange may be referred to as a Digital Currency Exchange (DCE).
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or a digital asset. Compared to a generalized financial exchange, the primary function of a cryptocurrency exchange is to allow and encourage the buying and selling of cryptocurrencies. A stable and suitable trading environment for traders located in different locations around the world. Sometimes, a cryptocurrency exchange may be referred to as a Digital Currency Exchange (DCE).
Read this termIt is fighting a lawsuit from the US Securities and Exchange Commission (SEC) that alleged that the exchange offered unregistered securities on its illegal trading platform. The US derivatives industry watchdog, the Commodity Futures Trading Commission, made similar claims earlier in March.
However, in response to the development, Binance CEO Changpeng Zhao, in a tweet posted on Friday, dismissed the report as “not news,” saying that the exchange received a “surprise visit” from local authorities “two weeks ago.” This type of “on-site inspection of regulated businesses is the norm for banks, and now for cryptocurrencies as well,” Zhao writes. The CEO added that other “well known” crypto companies in Paris were also scrutinized. He vowed that Binance France would remain the company’s “leading hub in Europe.”
4. FUD.
In France, unannounced on-site inspections of regulated companies are the norm for banks, and now for cryptocurrency as well.
The surprise visit to Binance France happened two weeks ago. It is not “news”. Binance France has fully cooperated.
Binance also… https://t.co/xdbLc5jXBW
– Czechoslovakia 🔶 Binance (cz_binance) June 16, 2023
In a separate tweet, Binance said it was “on site visited by the relevant authorities last week,” but would not “comment on specifics of law enforcement or regulatory investigations.”
“As always, Binance has been fully cooperative and we have fulfilled our commitments accordingly,” Binance stated. “We continue to work closely with regulators and law enforcement agencies on all ongoing compliance requirements to uphold high standards.”
To clarify:
In France, site visits by regulators and inspectors are part of the regulatory obligations that all financial institutions must comply with.
We had a field visit last week by the relevant authorities. As always, Binance has been fully collaborative and we have met with…
– Binance (binance) June 16, 2023
Binance is facing a setback in Europe
Meanwhile, Binance, which recently secured its seventh license in the EU region, has taken a major blow in its expansion endeavors on the continent. On Friday, the exchange announced its exit from the Netherlands after failing to secure a virtual asset service provider license. The exchange has also applied to revoke its Cypriot license, saying it wants to focus its efforts on “fewer EU-regulated entities”.
The local Binance unit in France is under investigation by Paris prosecutors over the ‘illegal’ provision of crypto services before it was licensed in May last year, CoinDesk reports. The exchange is also being investigated for “aggravated acts.” Money laundering
Money laundering
Money laundering is an umbrella term to describe the process by which criminals conceal the original ownership and proceeds of criminal behavior by making it appear that the proceeds are derived from a legitimate source. financial services space. Although criminal money can be successfully laundered without the help of the financial sector, billions of dollars in money from crime is laundered.
Money laundering is an umbrella term to describe the process by which criminals conceal the original ownership and proceeds of criminal behavior by making it appear that the proceeds are derived from a legitimate source. financial services space. Although criminal money can be successfully laundered without the help of the financial sector, billions of dollars in money from crime is laundered.
Read this termsaid the outlet, quoting the French city’s public prosecutor’s office.
everyday local french, the world, as reported receiving the same information from the prosecutor’s office. The outlet said that Binance has been suspected of providing digital asset services in the country since 2020. The exchange is also under scrutiny over its possible involvement in promoting cryptocurrencies prior to their registration.
France’s anti-financial crime agency, the Financial Judicial Investigation Service, began investigating Binance in February 2022, at the direction of a specialized court, JIRS Paris, the publication reported.
The disclosure of Binance France comes at a time when it is the largest in the world
Cryptocurrency exchange
Cryptocurrency exchange
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or a digital asset. Compared to a generalized financial exchange, the primary function of a cryptocurrency exchange is to allow and encourage the buying and selling of cryptocurrencies. A stable and suitable trading environment for traders located in different locations around the world. Sometimes, a cryptocurrency exchange may be referred to as a Digital Currency Exchange (DCE).
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or a digital asset. Compared to a generalized financial exchange, the primary function of a cryptocurrency exchange is to allow and encourage the buying and selling of cryptocurrencies. A stable and suitable trading environment for traders located in different locations around the world. Sometimes, a cryptocurrency exchange may be referred to as a Digital Currency Exchange (DCE).
Read this termIt is fighting a lawsuit from the US Securities and Exchange Commission (SEC) that alleged that the exchange offered unregistered securities on its illegal trading platform. The US derivatives industry watchdog, the Commodity Futures Trading Commission, made similar claims earlier in March.
However, in response to the development, Binance CEO Changpeng Zhao, in a tweet posted on Friday, dismissed the report as “not news,” saying that the exchange received a “surprise visit” from local authorities “two weeks ago.” This type of “on-site inspection of regulated businesses is the norm for banks, and now for cryptocurrencies as well,” Zhao writes. The CEO added that other “well known” crypto companies in Paris were also scrutinized. He vowed that Binance France would remain the company’s “leading hub in Europe.”
4. FUD.
In France, unannounced on-site inspections of regulated companies are the norm for banks, and now for cryptocurrency as well.
The surprise visit to Binance France happened two weeks ago. It is not “news”. Binance France has fully cooperated.
Binance also… https://t.co/xdbLc5jXBW
– Czechoslovakia 🔶 Binance (cz_binance) June 16, 2023
In a separate tweet, Binance said it was “on site visited by the relevant authorities last week,” but would not “comment on specifics of law enforcement or regulatory investigations.”
“As always, Binance has been fully cooperative and we have fulfilled our commitments accordingly,” Binance stated. “We continue to work closely with regulators and law enforcement agencies on all ongoing compliance requirements to uphold high standards.”
To clarify:
In France, site visits by regulators and inspectors are part of the regulatory obligations that all financial institutions must comply with.
We had a field visit last week by the relevant authorities. As always, Binance has been fully collaborative and we have met with…
– Binance (binance) June 16, 2023
Binance is facing a setback in Europe
Meanwhile, Binance, which recently secured its seventh license in the EU region, has taken a major blow in its expansion endeavors in the continent. On Friday, the exchange announced its exit from the Netherlands after failing to secure a virtual asset service provider license. The exchange has also applied to revoke its Cypriot license, saying it wants to focus its efforts on “fewer EU-regulated entities”.
