According to the Paris Prosecutor’s Office, Binance is being investigated for illegal, aggravated money laundering and soliciting clients.
The largest cryptocurrency exchange in the world, is currently confronting regulatory uncertainty and legal challenges worldwide. However, the cryptocurrency exchange responded to the alleged Paris prosecutor’s office investigation.
Binance Faces Global Legal Challenges
In a recent development, the Paris prosecutor’s office revealed that Binance is under investigation for illicit money laundering and solicitation of clients. The largest crypto exchanges mentioned that regulator visits on-site are a requirement in France.
According to the company, the French authorities visited Binance’s offices last week. The cryptocurrency exchange reportedly cooperated with investigators and complied with all regulations. According to the statement, their team will collaborate closely with French regulators and law enforcement agencies to maintain high standards.
The world’s largest cryptocurrency exchange declined to comment on law enforcement or the ongoing investigation. However, it emphasized that all user information is stored securely and will be provided to the authorities upon request.
Changpeng Zhao Comes To Rescue
The CEO of Binance, Changpeng Zhao, referred to it as another example of fear-mongering and stated that unannounced on-site inspections of regulated businesses are commonplace in France. He added that these regulations now also apply to cryptocurrency exchanges.
A couple of weeks ago, he stated, Binance France was surprised on-site, and the exchange cooperated entirely. Additionally, Celsius intends to sell altcoins as part of a reorganization plan.
According to CZ, Binance was not the only crypto business inspected in Paris during the past week; other prominent crypto exchanges were also investigated.
