Summary:
• Binance is being investigated by French authorities for “acts of aggravated money laundering” and “alleged illegal provision of digital asset services.”
• Binance has left the Dutch market, but plans to remain in Europe and be MiCA compliant.
• The US Securities and Exchange Commission has sued Binance for operating an unregistered exchange, as well as other charges.
Binance Under Investigation by French Authorities
Binance is under investigation by French authorities for “acts of aggravated money laundering,” an official for the Paris public prosecutor’s office told Bloomberg. Additionally, the world’s largest cryptocurrency exchange is also being investigated for the “alleged illegal provision of digital asset services,” said the official. A Binance spokesperson confirmed that they had been visited by French authorities last week and are complying with all laws in France.
Binance Leaves Dutch Market
Binance announced on Friday that it was leaving the Dutch market because it was unable to register. The exchange stated that they remain committed to working collaboratively with regulators around the world and focused on getting their business ready to be fully MiCA compliant, which is Europe’s landmark crypto regulatory framework.
SEC Charges Binance in US
The US Securities and Exchange Commission (SEC) sued Binance earlier this month for their “blatant disregard of the federal securities laws,” along with 13 charges including operating an unregistered exchange. According to CoinDesk, a Biance spokesperson said that despite efforts at productive engagement, SEC chose to litigate instead of having due process.
MiCA Compliance
In order to meet MiCA compliance standards across Europe, Biance needs to adhere to specific regulations set out by financial institutions. By leaving the Dutch market and planning on staying within Europe while meeting these standards, Biance will be able to continue its operations safely while still abiding by European law regarding crypto assets trading platforms like itself.