Binance Under Investigation: Allegations of Money Laundering and Illegal Servicing

Crypto exchange under attack

If we are to believe the French Le Monde, Binance is again under fire. According to Le Monde, Binance is being investigated by the French prosecutor for failing to comply with anti-money laundering obligations. It also allegedly illegally served French customers before the exchange was officially registered in 2022.

CZ’s response: Denying the allegations

According to CZ, the whole story is nonsense. He says that Binance in France had an unannounced audit a few weeks ago and has shown full cooperation. This is common practice in France and had nothing to do with alleged wrongdoing, as CZ stated in a tweet.

“In France, unannounced visits to regulated companies are the norm, for banks and now also for crypto. This surprise visit happened a few weeks ago. This is not ‘news’. Binance fully cooperated. Also, Binance is not the only crypto company that has been audited. This also happened with other crypto companies in Paris. Binance France remains our flagship in Europe.”

CZ’s response on Twitter adds more confusion to the situation. While media outlets claim that Binance is facing troubles, CZ insists that it is fake news. However, one thing is certain – Binance is going through a challenging period.

Binance is leaving the Netherlands

On another note, Binance announced that it will be closing its doors in the Netherlands. The exchange failed to obtain the necessary licenses to legally serve Dutch customers. Starting from July 17, 02:00, Dutch customers will only be able to withdraw their funds from the platform. This decision comes shortly after Binance’s withdrawal from Cyprus.