French authorities have been investigating Binance for multiple alleged infractions since February 2022, according to a local news report. The Paris public prosecutor’s office told local media that the investigation against the largest crypto exchange is two-pronged.
First, authorities are looking into whether Binance solicited French users and thereby operated without a license in the country. Second, they are probing into “acts of aggravated money laundering, through participation in investment operations, concealment, conversion, the latter being carried out by perpetrators of offenses having generated profits.”
Aggravated money laundering refers to cases of systematic laundering or those that involve large amounts of laundered funds involving multiple launderers. Local media reported that authorities believe Binance failed to meet its know-your-customer (KYC) and anti-money laundering (AML) obligations.
It is worth noting that Binance did not implement compulsory KYC verifica
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