France Launches Investigation into Binance for Money Laundering and Breaches

Binance, the world's largest cryptocurrency exchange, is under preliminary investigation by the Paris prosecutor's office for illegal canvassing of clients and money-laundering. The investigation is about "the unauthorised practice of the profession of virtual assets service provider" and "aggravated money-laundering." Binance disputes the charges. The exchange had an "on-site visit last week by the relevant authorities" in France and was fully cooperative. Binance has faced setbacks in other European countries, including leaving the Dutch market and being removed from the UK's Financial Conduct Authority register.