Binance investigated in France as it exits the Netherlands

The Dutch central bank has denied Binance, the world’s largest cryptocurrency exchange, the required documents to operate in the country forcing the company to exit the Netherlands.

The Company is now also being investigated in France about its anti-money laundering protocols. The company confirmed the French authority’s visit to its offices. As always, a Binance spokesperson reported the company’s full compliance with relevant authorities while regarding the visit as essential routines to enable it to meet its obligations and uphold the highest standards.

Cryptocurrency is a valuable trading asset that has been accepted by several individuals and institutions. However, due to the fluidity of the crypto market, there is increased censorship by different regulatory authorities of various countries. With the collapse of FTX in 2022, several governments are promoting regulatory oversight of cryptocurrencies which does not go well with crypto investors. One of crypto’s appetizer to investors is its operation without government interference.

In the United States, federal regulators have been empowered to assess the broad risks and benefits offered by cryptocurrencies with roadmaps set to limit cryto-risks.

In the UK crypto innovation is highly encouraged but the authorities are beginning to clamp down on crypto-related money laundering concerns. It is not clear if the ban placed on Binance activities in 2021 by UK regulators, the Financial Conduct Authority (FCA), has been lifted. However, Binance a company founded in 2017 by Changpeng Zhao still remains the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies.

The increased censorship is big concern for crypto companies and investors, and has continued to impact cryto exchange and operations. Despite the several challenges faced by Binance, and other Crypro companies, cryptocurrency still remains a popular virtual currency.