Changpeng Zhao, alongside another company spokesperson, refuted the recent reports from French media that Binance was under investigation in the country for alleged money laundering. The company’s CEO explained that such “surprise inspections” are the norm in the European country for both banks and now crypto businesses. According to the report from local media Le Monde, Binance has gone under the scope of the French authorities for failing in its anti-money laundering obligations as well as canvassing local customers before receiving its regulatory license. “The investigation is about, on one hand, the unauthorized practice of the profession of virtual assets service provider, and, on the other, about aggravated money-laundering,” – reads a statement seen by Le Monde. In
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Changpeng Zhao, alongside another company spokesperson, refuted the recent reports from French media that Binance was under investigation in the country for alleged money laundering.
The company’s CEO explained that such “surprise inspections” are the norm in the European country for both banks and now crypto businesses.
- According to the report from local media Le Monde, Binance has gone under the scope of the French authorities for failing in its anti-money laundering obligations as well as canvassing local customers before receiving its regulatory license.
“The investigation is about, on one hand, the unauthorized practice of the profession of virtual assets service provider, and, on the other, about aggravated money-laundering,” – reads a statement seen by Le Monde.
- In his typical style, Binance’s CEO – Changpeng Zhao – posted the well-known “4” on Twitter, suggesting the latest developments are yet more fake and sensational news targeting his company.
- He explained that such “no advance notice on-site inspections of regulated businesses are the norm, for banks, and now for crypto, too.”
4. FUD.
In France, surprise (no advanced notice) on-site inspections of regulated businesses are the norm, for banks, and now for crypto too.
The surprise visit for Binance France happened a couple of weeks ago. It’s not “news”. Binance France cooperated fully.
Binance also… https://t.co/xdbLc5jXBW
— CZ 🔶 Binance (@cz_binance) June 16, 2023
- The other massage coming from the official Binance Twitter channel said the company had such an on-site visit last week. However, Binance continues to be “fully collaborative” with the relevant authorities.
- The company has been put under the scope of US watchdogs as the SEC filed a lawsuit against it last week. More recently, the firm had to wind down its business operations in The Netherlands after failing to secure the needed license.