Amid the company’s several troubles, Binance, one of the world’s leading cryptocurrency exchanges has now found itself in hot water in France over allegations of severe lapses in its money laundering protocols and the unauthorized provision of digital asset services to French customers.  According to CoinDesk, the Paris public prosecutor has confirmed this development, escalating the legal troubles for the crypto giant.

These allegations against Binance stem from two main charges. First, the company is accused of operating as a digital asset service provider unlawfully. Second, it faces more severe accusations of ‘aggravated money laundering.’

This includes competition with investments, concealment, and conversion, with the latter performed by offenders who have generated profits.

Binance is currently registered as a PSAN or digital asset service provider with the French financial watchdog.

Binance’s Legal Woes

Notably, these allegations pile onto the list of existing legal troubles for Binance. The company is currently still grappling with a lawsuit from the US Securities and Exchange Commission for allegedly failing to register as a trading platform and selling unregistered securities.

Related Reading: Binance Launches Subscription-Based Cloud Mining Services Amidst SEC’s Crackdown

French news publication Le Monde

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Author: Samuel Edyme

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