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Binance CEO CZ Denounces French Reports About Regularity Activity as 'FUD'

by BSC News

June 16, 2023

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CZ emphasized that surprise inspections are standard practice for regulated businesses in France, and Binance had fully cooperated with the authorities during the recent inspection.

CZ Affirms Commitment to Europe

Binance CEO Changpeng Zhao, known as CZ, dismissed rumors around the company's French regulatory activities as "FUD" (fear, uncertainty, and doubt). Zhao pointed out that surprise inspections of regulated businesses, including banks and cryptocurrency platforms, are standard practice in France.

CZ emphasized that Binance had fully cooperated with the regulatory authorities during the surprise inspection of its French operations a few weeks ago. He clarified that such inspections were not unique to Binance, as other reputable crypto businesses in Paris had also undergone similar checks. CZ affirmed that Binance France remains the flagship center for the company in Europe, dispelling any doubts about its commitment to the region.

Binance's official Twitter account clarified the situation, confirming that onsite visits by regulators and inspectors are part of the regulatory obligations for all financial institutions in France. Binance, known for its high trading volumes and extensive global operations, stated that it adheres to all laws in France, just as it does in every other market it operates in.

The investigation, initiated by the Paris public prosecutor, focuses on potential aggravated money laundering offenses and the suspicion that Binance may be providing services to local investors illegally, accompanied by inadequate money laundering checks. 

The company confirmed that it has been engaging with French authorities, including an onsite visit by relevant regulators, which is an important requirement for financial firms operating in the French market. Binance assured that it had fulfilled all obligations thus far.

Binance also assured that user information is securely held and shared with government officials only after proper justification.

Binance's troubles have been expanding in recent times. Today, the company announced its exit from the Dutch market due to an inability to obtain the required license to operate as a Virtual Asset Service Provider (VASP). These operational challenges add to the existing charges from the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) that the exchange is currently facing.

What is Binance:

Binance is the world's leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more.

Where to find Binance:

Website | Twitter | Discord | Telegram |

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