CZ Dismisses Reports of Binance’s French Branch Investigation

Changpeng Zhao, along with another company spokesperson, refuted recent reports from French media claiming that Binance was under investigation in the country for alleged money laundering.

The company’s CEO explained that such “surprise inspections” are standard procedure in the European country for both banks and now crypto businesses.

• According to a report from local media Le Monde, Binance has come under the scrutiny of French authorities for failing to meet its anti-money laundering obligations and for 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 that 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.”

• The other message coming from the official Binance Twitter channel stated that 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.

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