The world's largest cryptocurrency exchange under investigation in France

In 2021, the UK's Financial Conduct Authority banned a cryptocurrency trading platform from operating on its territory, citing concerns over a lack of cooperation with regulators

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Illustration, Photo: Shutterstock
Illustration, Photo: Shutterstock
Disclaimer: The translations are mostly done through AI translator and might not be 100% accurate.

French police are investigating the world's largest cryptocurrency exchange Binnens over allegations that it illegally advertised services to consumers and failed to carry out proper checks to prevent money laundering, the Financial Times reports.

The prosecutor's office in Paris confirmed on Friday that the investigation began in February 2022, and a person familiar with the investigation told the FT that the materials and data collected in the investigation will now be studied in detail.

How it transmits N1, prosecutors are investigating whether Bijnens advertised before receiving regulatory approval last May to provide digital asset services.

The company said it complies with all laws in France, just as it does in every other market in which it operates.

The decision of the French regulator AMF to grant a license to Bajnans contradicted the decisions of other European regulators not to grant the company a license, reports Index.hr.

In 2021, the UK's Financial Conduct Authority banned a cryptocurrency trading platform from operating on its territory, citing concerns over a lack of cooperation with regulators.

Bynens announced last week that it would pull out of the Netherlands after failing to obtain a business registration permit as a viral asset service provider, which allows it to handle and trade cryptocurrencies.

The company is also under heavy pressure from the United States, where the Securities and Exchange Commission filed civil lawsuits in June alleging that Binance operated unregistered exchanges and misrepresented trading controls and oversight on its U.S. platform.

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