Binance has left the Netherlands and is being investigated in France.
According to French media sources, the world’s largest cryptocurrency exchange, Binance, is being examined by French authorities.
The probe is centered on the company’s anti-money laundering practices.
It comes after the company announced its exit from the Netherlands after failing to get a license from the Dutch central bank.
Binance stated in a statement that French officials visited its premises last week and that it will comply.
“The relevant authorities paid us a visit on-site last week.” Binance, as usual, was entirely cooperative, and we completed our responsibilities as a result. To maintain high standards, we continue to engage closely with regulators and law enforcement agencies on all ongoing compliance needs,” a company representative stated.
In recent years, cryptocurrency has become a popular trading asset class for both regular and institutional investors.
However, concerns have been expressed regarding the hazards involved with cryptocurrency because their prices can fluctuate dramatically.
Regulators around the world have increased their pressure on cryptocurrency exchanges in an attempt to make them more transparent.
Binance is having difficulties in both the United States and Europe.
In the United States, the exchange is being sued by two financial regulators, the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission, who claim it has been operating illegally in the country and has violated rules designed to safeguard investors.
The SEC has also charged the company and its founder, Changpeng Zhao, with misusing consumer funds.
Binance has defended its business practices. The company’s US businesses are currently negotiating with the SEC in order to avert a complete asset freeze.
Binance has threatened to “grind to a halt” if a US judge granted the regulator’s request for an asset freeze order.