European states jointly investigating Binance’s case with the SEC.
Binance’s CEO stands with his crypto exchange firm.
The major cryptocurrency exchange, Binance got sued by the United States Securities and Exchange Commission (U.S. SEC) earlier this month. However, several crypto community is joining hands thereby supporting the cryptocurrency exchange, Binance. Likewise, European-based financial regulators and police are processing with the SEC to investigate the information on Binance.
SEC has reached out for help from the European nations for processing Binance’s information. Meanwhile, some of the European country states have urged to proceed with the actions as the SEC prevails. Whereas, some others are yet processing the criticality of the Binance case than straight away dealing with the SEC request.
Anticipation on Binance
Changpeng Zhao, the CEO of Binance claims that the French police started investigating Binance in the year 2022. The reason is that the money laundering activities and this has been the case.
In some countries, the license for the cryptocurrency exchange, Binance is nearly in a give-up state. For example: Cyprus. Also, the European nations have set criteria for serving licenses for the crypto exchanges. Yet, Binance had other plans on registering other states like UK, Ireland, and some European nations.
Those companies in Europe proclaimed that the revenue accesses in small amounts from certain thousands of Euros to five lakh Euros. Prominently, this constitutes 200 million Euros over the year of worth 218 million dollars.
Another example is Guangying Chen, a shareholder of different Binance-registered firms in Europe. The hitch is that Binance proclaims Chen as a European passport holder in Europe but she is a Chinese passport holder who registered in Singapore.
This case in 2022 has been under process which led to Binance’s CEO that the claim seems true since Changpeng Zhao is a trustworthy person. Although Chen proved her passport holding in 2022, it couldn’t be able to get it confirmed during the investigation.