Following the SEC attack, Europe is under siege around Binance
Key Points:
- Following tensions with the SEC, European authorities are conducting an investigation into Binance.
- After the exchange was prosecuted and charged with trading coins earlier this month, the SEC has requested information about the exchange’s actions from a number of European nations.
- After the exchange left the Netherlands, French authorities also intervened to investigate it.
According to Protos, police and financial officials in numerous European nations are partnering with the US Securities and Exchange Commission (SEC) to learn more about Binance.
Since the exchange was indicted and accused of commingling money earlier this month, numerous European nations have responded to the SEC’s requests for information regarding Binance’s activities.
The complexities of Binance’s case are currently being looked at by several European agencies, but none have responded to the SEC’s disclosure requests.
The SEC filed a lawsuit against Binance, Changpeng Zhao, the company’s CEO and founder, and Binance on June 5.
The organization in the United States asserts that Binance manipulates its trading volumes, diverts client funds, fails to exclude customers from the United States from its platform, and deceives investors regarding its market surveillance procedures.
Binance and the SEC reached an agreement to avoid a complete asset freeze of the platform in the US and retain customer funds in the US as a US district court approved a consent decree issued on Saturday.
The agreement came as the Securities and Exchange Commission (SEC) filed a broad and ongoing complaint against the company, which could take months, if not years, to resolve.
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There are dozens, if not hundreds, of registered businesses worldwide on Binance, many of which are located in Europe. It has or has additional businesses registered in the United Kingdom, Ireland, Malta, and a number of other EU nations in addition to holding licenses to operate as a cryptocurrency exchange in France, Cyprus, and Spain through its subsidiary MoonPay.
The majority of businesses registered in these nations reported annual incomes of between a few thousand and 500,000 euros, while others reported as much as €200 million.
A few organizations have even gotten credits from the confounding Guangying Chen, a corporate partner. It would appear that Binance’s activities are intended to be opaque and difficult to comprehend due to the extensive stacking and dispersion of information across numerous countries.
Many European companies that are registered with Binance are owned solely by Guangying Chen, despite the fact that CZ is rarely or never explicitly identified as the owner. The exchange claims that Chen also holds a European passport and is based in Europe, despite the fact that he has a registered residence in Singapore and a Chinese passport.
Binance has confronted hardships in two European nations in the wake of declaring expectations to leave the Netherlands and turning into the subject of a test by French specialists.
CZ maintains that Binance’s headquarters in France were regularly inspected by French police in recent years. However, the exchange has been the subject of an investigation by French authorities since February 2022, as reported by the French newspaper Le Monde, for allegedly engaging in serious money laundering offenses both within its own investing operation and by its own customers. Additionally, Binance is giving up its license as a crypto exchange in Cyprus.
