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.
Crypto laws in most countries are too complicated and complex that it will become very difficult to obey. Sometimes it is assumed by some crypto industry players that these laws are designed not just to protect citizens from fraud but to milk them through fines. The laws are also targeted at making these firms to be fully under the surveillance of the government. If they keep on using Binance as a cash cow, the exchange might soon declare bankruptcy and customers' funds will be in danger. Let's see how the investigation will end.