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.
Exchange are known for multiple violations and going after them would open more hidden truth about these exchanges. Because of their influence and servicses to divert funds and compromise data, the government need to be scrutinizing them because these companies have so much influence to syphone funds and give inappropriate services to their customers. Many of these centralized exchanges are stealing from us and compromising users data without our knowledge. If the government can be strict about this and always checkmate their services with strict regulations, maybe we could see some changes soon.