The investigation is examining the period from 2019 to 2024, involving offences committed in France but also in all European Union countries, JUNALCO said.
For sure, there will be a lot of violations found, and I’m pretty sure the French government is just trying to follow what the U.S. did in investigating Binance.
No jail time here for sure as Binance has more than enough resources to handle this. So most likely, we’re looking at another billion-dollar settlement, maybe even more.
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When there is a bad precedent, it creates space for more similar things, and we know many nations globally are following the USA in many things. Regulations for example, started in the USA against Binance, then other nations followed it.
Before France, months ago Nigeria tried to put two Binance staffs in jail temporarily for blackmailing money from Binance. Their reason is funny and unreasonable that Binance destroyed their national currency Naira.
France with their action to arrest Pavel Durov, the founder of Telegram, shows that they can do severe regulation for their national benefit.
Sure after The USA, France there will be more countries want to milk money from Binance.