Wed, November 27

Binance CEO CZ Calls Recent French Probe Regular Procedures

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  • Binance is being investigated for illegal aggravated money laundering and client solicitation.
  • According to CZ, numerous cryptocurrency exchanges in Paris were also investigated.

Binance, the biggest cryptocurrency exchange in the world, is now experiencing regulatory uncertainties and legal problems on a global scale. Lately, the Paris prosecutor’s office has allegedly opened an inquiry into the cryptocurrency exchange, prompting a response from the exchange.

The Paris prosecutor’s office has announced that Binance is being investigated for illegal aggravated money laundering and client solicitation. The largest cryptocurrency exchanges have reported that officials from the French government have visited their facilities.

Binance said that the appropriate French authorities visited their offices last week. It seems the cryptocurrency trading platform cooperated with regulators and did everything by the book. It was also noted that to maintain quality standards, their staff will collaborate closely with French authorities.

Referred Rumor as FUD

The world’s biggest cryptocurrency exchange has said that they are unable to comment more on the investigation that is currently being carried out by legal authorities at this time. Nevertheless, it emphasized that any requested access to the personal information of its customers will be allowed.

The Chief Executive Officer of Binance, Changpeng Zhao, referred to the rumor as “FUD” and said that unannounced on-site inspections of regulated businesses in France are considered to be regular procedures. After that, he made it clear that this is equally applicable to platforms for trading cryptocurrencies as well.

He said that a few weeks ago, Binance France was the beneficiary of an unexpected in-person visit and that the interaction was more than accommodating. According to CZ, numerous large cryptocurrency exchanges in Paris were investigated throughout the last week as well. 

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An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.