Binance faces criminal charges over social media marketing in France.
Reuters reported on Tuesday (December 20), in a complaint filed by a cryptocurrency investor, that the cryptocurrency exchange had engaged in misleading business practices and advertised itself before being registered in the country. It was reported that he was accusing him of doing so.
The filing of a complaint does not necessarily mean prosecutors will launch an investigation, according to the report.
The complaint alleges that Binance had been pitching on social media platforms before it was officially registered as a digital financial services provider in May, violating a French law banning unregistered providers from advertising in the country. It is said that
According to the report, the company promotes exchanges on social media and promotes itself globally with the help of volunteers called “Binance Angels.”
Binance did not immediately respond to PYMNTS’ request for comment.
The decision of the French market regulator Financial Markets Department (AMF), to register one of Binance’s subsidiaries Digital assets Service companies have been hit by a wave of concern domestically.
for example, Aurore L’Arca French member of the European Parliament (MEP) and member of that agency’s committee on economic and monetary affairs, has urged the AMF to reconsider its “incomprehensible” decision to OK Binance. Reported on June 27th.
Recently, efforts have been made to restore public confidence in Binance. crypto exchange Proving to be challenging.
On Friday (December 16th), the announcement was made that Mazars, the audit firm hired by the platform, would suspend all future crypto accounting operations due to the public backlash and criticism it received from its financial reporting work on Binance. has arrived.
Two days earlier, during a Senate Banking Committee hearing on Wednesday (December 14), Shark Tank investors Kevin O’Leary and Senator Elizabeth Warren also questioned the legitimacy of privately owned cryptocurrency exchanges. presented.
Binance’s US operations have been under investigation for anti-money laundering (AML) violations since 2018. The U.S. Department of Justice (DOJ) is reportedly rushing to file a formal filing due to internal disagreements over whether strong enough evidence has been collected and the sheer size of Binance. We postponed the indictment due to lingering concerns that the rest could be inadvertently destabilized. of the crypto ecosystem.
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