24/7 Cryptocurrency News

Breaking: Binance Under Investigation In France For Failing KYC And AML Compliance

Crypto exchange Binance is under investigation in France for illegal provision of digital asset services and money laundering.
Published by
Breaking: Binance Under Investigation In France For Failing KYC And AML Compliance

The world’s largest crypto exchange Binance’s subsidiary in France is subjected to preliminary investigations for illegal provision of digital asset services and money laundering until 2022, confirmed to CoinGape Media by the Paris public prosecutor’s office. Binance received its PSAN or digital asset service provider license in May 2022.

Advertisement

Binance Under Investigation in France

Binance France is suspected of having failed to comply with Know Your Customer (KYC) procedures and anti-money laundering laws (AML). It is suspected that the crypto exchange has approached French customers outside the legal framework until 2022.

“Investigation relates on the one hand to acts of illegal exercise of the function of service provider on digital assets (PSAN), and on the other hand, acts of aggravated money laundering, by participating in investment operations, concealment, conversion, the latter being carried out by perpetrators of offenses having generated profits.”

According to the Paris public prosecutor’s office, the investigation is conducted by the judicial investigation service of finance under the direction of the specialized interregional jurisdiction of Paris since February 2022, reported Le Monde.

The news comes after Binance announced that it is quitting the Netherlands after failing to secure registration. Binance also faced setbacks in Cyprus and Nigeria. The US SEC lawsuit against Binance led many regulators around the world to take action against Binance.

Binance, which has been offering its services in France since 2020, is alleged to have also offered its services illegally in the country until 2022 as it didn’t require all of its clients to complete KYC documents. Moreover, the exchange is also suspected to have breached French law regarding crypto-asset platforms. Since 2019, crypto firms in France are required to obtain a “digital asset service provider” license from the Financial Markets Authority.

Also Read: US SEC Lawsuit Against Terraform And Do Kwon Could Be Dismissed

Advertisement

Binance Response to Investigation

“In France, on-site inspections by regulators and inspectors are part of the regulatory obligations that all financial institutions must comply with. We had a site visit last week by the competent authorities. Binance, as always, has been fully collaborative and fully met obligations,” explains Binance France president David Princay.

Binance said it continues to work closely with regulators and law enforcement agencies on all compliance requirements and maintains high standards.

Also Read: Haru Invest, Delio Face Class Action Lawsuits As Billions In Crypto Frozen

Advertisement

Share
Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

ASTER Deposits Flows Into Binance Wallets Following CZ Endorsement, Listing Incoming?

In a fresh development, multiple ASTER tokens have been sent to Binance spot wallets, following…

October 2, 2025
  • 24/7 Cryptocurrency News

Avalanche Treasury Seals $675M Deal With Mountain Lake to Build $1B AVAX Vehicle

Avalanche Treasury Co., in partnership with Mountain Lake Acquisition Corp., has unveiled a $675 million…

October 2, 2025
  • 24/7 Cryptocurrency News

Just In: Nasdaq-Listed VivoPower Raises $19M in Equity to Expand XRP Treasury Holdings

Nasdaq-listed VivoPower has stepped up its digital treasury goals with a fresh capital raise aimed…

October 2, 2025
  • 24/7 Cryptocurrency News

Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy

Solana increased in price by 5% to approximately $219 following a $2 billion Solana treasury…

October 2, 2025
  • 24/7 Cryptocurrency News

XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization

The XRP Ledger (XRPL) has launched the Multi-Purpose Token (MPT) standard, designed to simplify and…

October 1, 2025
  • 24/7 Cryptocurrency News

SEC Puts Crypto ETF Approvals On Hold Following U.S. Government Shutdown

The U.S. Securities and Exchange Commission has announced plans to streamline its operations amid the…

October 1, 2025