Binance: Once a Titan, Now a Toast – French Investigators Say ‘Surprise!’ 🎉

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Oh là là! It appears the French authorities have kicked off a judicial investigation targeting Binance. This once-mighty crypto exchange finds itself entangled in a web of accusations, including money laundering, tax fraud, and drug trafficking. Quite the trifecta, wouldn’t you say? 🎭

Back in May 2022, Binance was granted the honorary title of registered Digital Asset Service Provider (DASP) by the esteemed Autorité des Marchés Financiers (AMF). They must have felt like royalty!

Binance: Legal Troubles Keep Coming Like a Bad Soap Opera

But alas, even with their royal registration, regulators are now pointing fingers, claiming that Binance has violated its sacred duties as a DASP. Who thought a little paperwork could lead to potential criminal charges? Talk about a plot twist!

These allegations are reminiscent of the heat Binance and its former supreme leader Changpeng Zhao (CZ) faced in 2023 from the illustrious US Department of Justice. They wrapped that case up with Binance paying an eye-popping $4 billion fine and CZ taking an unexpected exit stage left. Quite the dramatics!

Now, the shadow of regulatory scrutiny looms once more over the exchange in France. It seems our dear Binance is destined for another grand legal adventure. 🎢

“The offences relate to the thrilling period from 2019 to 2024, spanning France and the EU. The investigation was sparked by user complaints about financial losses and misleading information. Turns out, Binance was playing under the radar, neither registered nor licensed by the AMF at the time! They even roped in influencers for ads before their big legal debut, a classic violation of French laws,” reported the local journalist extraordinaire, Grégory Raymond.

The exchange just can’t escape the mounting global lawsuits and criminal allegations, can they?

On top of all that, Binance decided to transfer $20 million worth of BTC, ETH, and SOL to Wintermute today. Critics are shaking their heads, arguing that Wintermute is engaged in some sneaky market manipulation, using artificial liquidity to dupe innocent retail investors. How thoughtful of them! 🤨

The exchange’s escapades don’t end there; they’ve also faced past allegations for peddling low market-cap meme coins. Because why not live dangerously?

Over in the US, the Supreme Court has recently decided that a class-action lawsuit against Binance can proceed. Former investors are alleging that the company was selling unregistered tokens while wearing a blindfold. Moves like that are bound to stir the pot! 🥴

Meanwhile, across the pond in the UK, Binance is being served legal papers from a former high-ranking employee. Amrita Srivastava claims foul play led to her untimely dismissal after she reported a colleague soliciting a bribe for preferential treatment. Ah, nothing like an internal scandal to spice things up! 📜

As if that wasn’t enough, regulatory actions against centralized exchanges seem to be escalating faster than a racetrack. Just yesterday, KuCoin admitted to running an unlicensed money-transmitting business in the US. Founders Chun Gan and Ke Tang agreed to cough up nearly $300 million in fines. All that fuss, yet they get to skip the prison food! 🍽️

French authorities have yet to spill the tea on the details of the Binance investigation, but judging by this rollercoaster of events, it’s safe to say that the outlook for the largest crypto exchange isn’t looking very rosy.

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2025-01-28 17:50