The regulatory challenges facing crypto exchange Binance continue to mount, now from Europe.

French newspaper Le Monde today reported that Binance is under investigation by the judicial finance investigation service under the direction of the specialized interregional jurisdiction of Paris (JIRS) for “illegal” acts relating to the function of service provider on digital assets, as well as “aggravated money laundering.”

Crypto media site CoinDesk reported that it had confirmed the allegations with the Paris public prosecutor’s office.

The JIRS is a specialized judicial body in France that investigates cases of national significance or those that transcend regional boundaries, such as corruption, terrorism, financial crimes, drug trafficking, and other serious crimes.

Le Monde reported that Binance was suspected of having failed to carry out appropriate know-your-customer (KYC) checks, and of having illegally advertised within France before it received appropriate licenses from the country’s financial regulator, Autorité des marchés financiers (AMF), to operate as a digital asset service p

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Author: Nivesh Rustgi

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