• French authorities are investigating Binance France over alleged illegal provision of digital asset services.
• Allegations involve acts of aggravated money laundering, competition with investments, concealment, and conversion.
• Binance also faces suspicions of failing to comply with “know your customer” (KYC) procedures.

French news platform Le Monde reported on June 16 that the French authorities are currently conducting an investigation into the world’s leading crypto exchange Binance’s French subsidiary due to allegations of providing digital asset services in violation of the law and engaging in acts of intensified money laundering.

According to Paris’ public prosecution office, allegations against Binance “relates on the one hand to acts of illegal exercise of the function of service provider on digital assets (PSAN).”

Moreover, the French prosecutors stated:

[Binance has committed] acts of aggravated money laundering, by competition with operations of investments, concealment, conversion, the latter being carried out by perpetrators of offenses having generated profits.

Additionally, there are suspicions that the platform failed to fulfill …

The post Binance Faces French Probe Over Suspected Money Laundering appeared first on Coin Edition.

• French authorities are investigating Binance France over alleged illegal provision of digital asset services.
• Allegations involve acts of aggravated money laundering, competition with investments, concealment, and conversion.
• Binance also faces suspicions of failing to comply with “know your customer” (KYC) procedures.

French news platform Le Monde reported on June 16 that the French authorities are currently conducting an investigation into the world’s leading crypto exchange Binance’s French subsidiary due to allegations of providing digital asset services in violation of the law and engaging in acts of intensified money laundering.

According to Paris’ public prosecution office, allegations against Binance “relates on the one hand to acts of illegal exercise of the function of service provider on digital assets (PSAN).”

Moreover, the French prosecutors stated:

[Binance has committed] acts of aggravated money laundering, by competition with operations of investments, concealment, conversion, the latter being carried out by perpetrators of offenses having generated profits.

Additionally, there are suspicions that the platform failed to fulfill …

The post Binance Faces French Probe Over Suspected Money Laundering appeared first on Coin Edition.