The crypto media site CoinDesk reported that it had confirmed the allegations of illegal activity against Binance with the Paris public prosecutor’s office. This means that CoinDesk had spoken to the prosecutor’s office and received confirmation that the allegations were being investigated.
This is significant because it provides further evidence that the allegations against Binance are credible. It also shows that the French authorities are taking the matter seriously. The investigation could have serious implications for Binance, and it could also have a broader impact on the cryptocurrency industry.
It is important to note that Binance has not been charged with any crimes, and it is presumed innocent until proven guilty. However, the investigation is a reminder that cryptocurrency exchanges need to be compliant with regulations in order to avoid legal trouble.
The JIRS, a specialized judicial body in France, is investigating Binance for suspected violations of know-your-customer (KYC) rules and illegal advertising. The investigation was launched in February 2022 after Binance was found to have been operating in France without the necessary licenses.
Binance is the world’s largest cryptocurrency exchange, and its operations in France have been under scrutiny for some time. In May 2022, the AMF, France’s financial regulator, warned Binance that it was operating illegally in the country. The JIRS investigation is the latest development in a series of regulatory challenges facing Binance.
The investigation is ongoing, and it is unclear what the outcome will be. However, if Binance is found to have violated French law, it could face significant fines or even be forced to shut down its operations in France.