Survey on Binance’s Exit From the Netherlands and Probe in France

In a recent turn of events, Binance, the world’s largest digital assets exchange, announced its departure from the Netherlands after failing to secure a license.

This development comes alongside a brewing probe by French prosecutors into alleged “aggravated” money laundering activities conducted by the exchange. These legal challenges pose significant hurdles for Binance’s operations in Europe and raise concerns about compliance with regulatory standards.

Binance’s Dutch Departure

While Binance’s existing customers will still be able to withdraw their assets until July 17, the exchange has not provided a specific date for a complete market withdrawal from the Netherlands. Binance has pledged to continue seeking authorizations, but doubts remain about its commitment to following regulatory guidelines.

French Money Laundering Probe

In addition to its Dutch setback, Binance is facing a serious money laundering investigation in France. The Paris Public Prosecutor’s Office initiated the probe in February 2022, focusing on Binance’s activities in the country.

The investigation centers on the illegal exercise of digital asset service provider functions and suspected involvement in aggravated money laundering through investment operations, concealment, and conversion.

Binance obtained its registration from the L’Autorité des Marchés Financiers (AMF) in May 2022, but the French authorities are examining the exchange’s marketing practices before its official registration.

While Binance has tweeted confirmation of an on-site visit by the relevant authorities, it remains adamant about abiding by all laws in France. However, the investigation casts doubt on the exchange’s compliance with anti-money laundering standards in the country.

Contraction of Binance’s European Operations

Binance’s departure from the Netherlands and the ongoing legal scrutiny in France highlight the challenges the exchange faces in Europe. It is worth noting that Binance recently submitted an application to deregister from the list of crypto asset services providers in Cyprus.

This move is part of the exchange’s strategy to narrow its focus to fewer regulated entities ahead of the implementation of the EU’s Markets in Crypto Assets (MiCA) regulations next year.

Real Research, an online survey app, launched a survey on this topic to gauge public opinion. Hurry and answer the survey on Binance’s exit from the Netherlands and probe in France on the Real Research app on June 20, and win 60 TNCs as a reward.