Binance, the world’s largest crypto exchange with roughly 62 million users, is reportedly under scrutiny from French financial regulatory authorities.

According to a breaking report from Le Monde, investigations into the exchange’s activities were to have been underway since at least the early quarter of 2022.

The inquest, led by the judicial investigation service of finance and under the specialized interregional jurisdiction of Paris, has brought into question the exchange’s adherence to legal norms.

Reportedly, the focus of the probe revolves around “acts of illegal exercise of the function of service provider on digital assets (PSAN), and acts of aggravated money laundering.” Particularly, the exchange is being examined for its participation in investment operations, concealment, and conversion – all purportedly carried out by offenders that generated profits.

Offhand, however, these allegations appear to be more a matter of misinterpretation and miscommunication withe the regulatory body than a wilful abandonment of due diligence from the side of Binance.

Binance Commits To KYC Procedures

Simultaneously, questions have been raised about Binance’s commitment to ‘Know Your Customer’ (KYC) procedures, a regulatory framework meant to curb money laundering activities. Reports suggest that Binance may not have been fully compliant with these protocols, leading to further speculation about the exchange’s operations.

To further complicate matters, it’s alleged that Binance had been offering services to French customers without obtaining an appropriate operating license. Regulations en

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Author: Vince Dioquino

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