Binance exits Netherlands and faces France probe

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The world's largest cryptocurrency exchange, Binance is being investigated by French authorities, according to media reports in France.

The investigation is focused on its anti-money laundering procedures.

It follows the announcement of the company's departure from the Netherlands after it failed to obtain a licence from the Dutch central bank.

In a statement Binance confirmed French authorities visited its offices last week and will comply accordingly.

"We had an on-site visit last week by the relevant authorities. Binance, as always, was fully collaborative and we met our obligations accordingly. We continue to work closely with regulators and law enforcement agencies on all ongoing compliance requirements to uphold high standards," a company spokesperson said.

Cryptocurrencies have become a popular trading asset-class in recent years for both retail and institutional investors.

 

However questions have been raised about the risks associated with crypto because of their prices can experience huge swings in value.

Regulators around the world have looked to ramp up pressure on crypto exchanges in a bid to make them more transparent.

 

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