The French branch of Binance is currently at the heart of an investigation for various breaches of its legal obligations, according to information from the newspaper Le Monde. We take stock with Stéphanie Cabossioras, the general manager of Binance France, in order to learn more about this case which comes in a period of trouble for the platform internationally.
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Binance France at the heart of an investigation
According to information revealed yesterday Friday June 16 by the newspaper Le Monde, the French branch of Binance would be at the heart of an investigation for having breached several of its legal obligations.
Specifically, the number 1 cryptocurrency exchange would have operated certain activities usually reserved for companies registered as a digital asset service provider (DASP) when he was not yet. In addition, Binance is also accused of aggravated money laundering and other things, according to the Paris prosecutor’s office:
” [L’enquête] relates on the one hand to acts of illegal exercise of the function of service provider on digital assets (PSAN), and on the other hand to acts of aggravated money laundering, by participation in investment operations, concealment, conversion, these the latter being carried out by perpetrators of offenses having generated profits. »
specify that the investigation was opened in February 2022 against the French subsidiary of Binancewhich is also accused of breaches of the “Know Your Customer” legal process, aimed at obtaining information about its customers in order to prevent fraud.
Regarding potential abuses observed before obtaining its registration as a PSAN, the company would have advertised its services before obtaining it, which is prohibited. Binance initially applied for PSAN registration in December 2020, before obtaining it 2 years later, in May 2022.
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Our questions to Stéphanie Cabossioras, General Manager of Binance France
In order to shed light on these various allegations which have been in the news since yesterday, we asked Stéphanie Cabossioras, the general manager of Binance France, a few questions.
First, we wanted to know more about the searches carried out at the company’s premises last week:
“The search, as you know, is a normal procedure aimed at gathering factual elements within the framework of an ongoing investigation. Therefore, it is part of a long time frame, it is not something abnormal in France, it is also very common, especially in the financial sector. […] Binance is regulated in France, in particular as a PSAN, and we therefore have obligations, for example vis-à-vis AML/FT regulations [lutte contre le blanchiment de capitaux et le financement du terrorisme, NDLR]. This process is therefore completely normal, it is even rather healthy, because it confirms that the French authorities are doing their job and verifying that the obligations incumbent on the regulated players are well respected. »
She adds :
“We have been extremely cooperative. Moreover, by chance, during the search we had a delivery of goodies, a truck was waiting for us at the reception and the authorities even helped us. We are always cooperative with the police, regulators, Tracfin, the gendarmerie services, the prosecution when necessary, it is our policy. »
Regarding the facts alleged against Binance regarding its pre-PSAN advertising and the suspicions of money laundering, Stéphanie Cabossioras informs us that she cannot divulge any information on this subject before the end of the ongoing investigation..
However, she clarified that there is no connection between what is currently happening in the United States and the facts we are talking about here, and that in general, we must expect more and more regulation internationally :
“So it’s quite fortuitous in fact, because there is no correlation, you have understood correctly, between the American situation and the French situation. On this situation, I think the crypto industry in general is going to be brought to more regulation all over the world. We, in Europe and in France, are nevertheless fortunate to already have a good regulatory framework. So here it is, it’s going to become a bit of normal life for the crypto sector, as it is for banking life and for financial life. This is the beginning of the development of this legal framework, and therefore as people are not used to it, it arouses astonishment, even perhaps a little apprehension. But honestly, at least in the French case, I think it’s even rather positive. Because it means that the regulations really apply. It helps to develop a healthier framework to develop the ecosystem in general. »
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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