Exchange news

French authorities accuse Binance of fraud and money laundering

French prosecutors launch investigation into crypto exchange on suspicion of money laundering and tax fraud.

According to Reuters, the Paris prosecutor’s office’s economic and financial crimes department is investigating the exchange’s activities from 2019 to 2024. Prosecutors are also looking into user complaints. Binance, who reported that they suffered losses due to insufficient or incorrect information provided by the platform.

It was previously reported that French authorities have been investigating the local branch of the crypto exchange since at least 2022. However, since last year, control over Binance and other crypto service providers has increased. Now only companies with the appropriate licenses can operate in the country. Because of this, in December 2024, the crypto exchange announced that it was closing its French division.

Binance is facing legal challenges not only in but also in the United States. The Securities and Exchange Commission is still considering a civil lawsuit against the exchange filed in 2023, despite expectations that the regulator may soften its stance on the crypto industry under the Trump administration.

In December 2024, the Australian Securities and Investments Commission filed a lawsuit against the local branch of the crypto exchange, accusing it of failing to adequately protect consumers.

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