Binance Confirms On-Site Visit In France’s Money Laundering Investigation

Crypto News: The world’s largest crypto exchange, Binance is facing regulatory uncertainty and legal challenges all over the globe now. However, the crypto exchange issued a reply to the alleged investigation launched by the Paris prosecutor’s office against it.

Also Read: Binance Exits Another Country Amid Legal Uncertainty In US

Binance Facing Legal Challenges Globally

In the latest development, the Paris prosecutor’s office stated that Binance is facing an inquiry for illicit aggravated money laundering and canvassing of clients. The biggest crypto exchanges mentioned that on-site visits by regulators are part of their obligations in France.

Binance stated that the relevant French authorities paid an on-site visit last week. The crypto exchange reportedly collaborated with the inspectors and followed all obligations. It added that their team will work closely with the French regulators and law enforcement agencies up to high standards.

The biggest crypto exchange denied to comment on the specifics of law enforcement or the ongoing investigation. However, It highlighted that all details of its users is held securely with them and would be provided to the authorities upon requirement. Read More Crypto News Here…

CZ Comes To Rescue

Changpeng Zhao, CEO of Binance called it another FUD and stated that surprise on-site inspections of regulated businesses are under norms in France. He added that these rules now follow for crypto exchanges too.

He mentioned that a surprise on-site for Binance France took place a couple of weeks ago and the exchange cooperated fully.

Also Read: Dump Alert: Celsius Plans To Sell Altcoins Under Reorganization Plan

As per CZ, Binance was not the only crypto business that was inspected over the last week but other well known crypto exchanges in Paris too went under the investigation.

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Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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