• Binance’s French division was recently reported to be under investigation for money laundering by local media Le Monde.
• Binance’s CEO Changpeng Zhao has refuted this report, claiming that such “surprise inspections” are the norm in France for both banks and now crypto businesses.
• CZ reassured customers that the French branch remains the company’s “flagship center in Europe.”
Binance’s French Division Reportedly Under Investigation
Reports from local media Le Monde have recently surfaced alleging that Binance’s French division is currently under investigation by the country’s authorities for alleged money laundering and unauthorized practice of virtual assets services.
CZ Reassures Customers
Changpeng Zhao, Binance’s CEO, quickly took to Twitter to refute these reports, explaining that such surprise inspections are a normal occurrence for both banks and crypto businesses in France. He also reassured customers that their French branch remains their “flagship center in Europe” despite these investigations.
The statement seen by Le Monde detailed that the investigation was focused on two main areas: Unauthorized practice of virtual assets service provider and aggravated money-laundering.
Surprise Inspections Normal for Banks & Crypto Businesses
CZ explained on Twitter that surprise inspections with no advanced notice are a normal occurrence in France for both banks and crypto businesses alike. He revealed that the surprise visit for Binance France had happened a few weeks prior to his tweet.
Binance Remains „Flagship Center“ Despite Investigations
Despite these reports, CZ has continued to reassure customers that regardless of any investigations or surprise visits, the company’s French branch remains their “flagship center in Europe.“