The US Securities and Exchange Commission (SEC) has filed a lawsuit against Binance and its US affiliate, alleging them of crimes including money laundering and tax violations. Immediately following this, Nigeria's SEC proclaimed Binance illegal, alleging it of illegal operations.

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Binance is currently under investigation in France and has been accused of "aggravated" money laundering, adding to its woes. Recent developments seem to indicate that the situation for the prominent cryptocurrency platform is becoming increasingly difficult.

French Unit of Binance Investigated for Alleged Money Laundering and Illegal Digital Asset Services

French Unit of Binance Investigated for Alleged Money Laundering and Illegal Digital Asset Services
Local authorities have launched an investigation into the French branch of Binance, the leading cryptocurrency exchange, in the latest development involving the company. The office of the Paris public prosecutor has verified that Binance's activities are being investigated due to suspicions that the company provided "illegal" digital asset services and engaged in "aggravated money laundering." According to French prosecutors, the allegations against Binance center on two primary points. Illegal activity and aggravated money laundering.

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Binance is officially incorporated with the French financial regulator as a digital asset service provider (PSAN). Nonetheless, the ongoing investigation by local authorities raises grave concerns and highlights the legal scrutiny surrounding the operations of the exchange in France.

Investigation Developments and Binance's Compliance Efforts

The public prosecutor of Paris has verified that the ongoing investigation into Binance, conducted by the specialized interregional jurisdiction of Paris (JIRS), has been referred to the SEJF, the government's anti-financial crime division. The collected physical and digital evidence will now be thoroughly examined.

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Binance recently announced that it would cease operations in the Netherlands due to its inability to obtain a license demonstrating compliance with the country's anti-money laundering (AML) regulations. The exchange has also requested cancellation of its registration with the Cypriot securities regulator, citing a strategic emphasis on fewer regulated entities within the European Union (EU).