a massive evasion weapon?

Global cryptocurrency exchange Binance plans to make Paris its European benchmark

(Boursier.com) — Binance CEO Changpeng Zhao full of praise on the frame regulation of the existing cryptocurrency market in Francewhile the world’s leading cryptocurrency exchange plans to make the place of Paris its European reference base. Changpeng Zhao, a Canadian better known by the nickname “CZ”, intends to register Binance with the Autorité des marchés financiers as a “digital asset service provider” (PSAN).

On the occasion of a recent conference organized at the Palais Brongniart, the general manager of Binance declared that the French government had a “very positive attitude on the cryptocurrency sector” (…) “France offers a very favorable framework to businesses and cryptocurrencies, while the attitude of the government towards this sector is simply considered “phenomenal” by “CZ”.

Disclaimers in order

The Binance boss has pledged to invest 100 million euros in France and said in passing that he had signed an agreement to grant 2 million euros for the restoration of a room in the Palace of Versailles…

Itself a moment pointed out for some of its actions, the platform explained work closely with regulatory authorities around the world… Changpeng Zhao thus claimed that Binance “never withheld information from regulators”, Binance at the same time encouraging the adoption of stricter standards in the cryptocurrency industry.

The company recently published a note on its official blog aiming to deny the information from the Reuters agency accusing him of collaborating with the Russian government over certain private data belonging to opponents of the Moscow regime. “There has never been any sharing of data with Russian agencies controlled by the FSB,” Binance asserted.

The ECB in ambush

For its part, the ECB recalled that cryptocurrencies were used to circumvent the sanctions imposed on certain Russian oligarchs and “the institution has asked companies in the sector not to become ‘accomplices’ of these operations”, declared for her part the President of the ECB, Christine Lagarde. “We have taken steps to send a clear signal to everyone who trades, transacts, offers services related to crypto assets that they are complicit in the evasion of sanctions,” she said as part of a statement. summit organized by the Bank for International Settlements (BIS).

Since the outbreak of war in Ukraine in late February, the US Treasury Department has contacted major cryptocurrency exchanges about possible retaliatory cyberattacks in response to Western sanctionsleading the establishments in question and the banks to increase online surveillance and strengthen their security process.

US regulators now view the cryptocurrency industry as a growing source of international systemic riskwhile some Russian players might also be tempted to use digital assets to evade Western sanctions…

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