Binance's French division is currently under investigation by local authorities for the alleged illegal provision of digital asset services and acts of aggravated money laundering. The investigation focuses on Binance operating as a digital asset service provider before receiving regulatory approval in May 2022 and engaging in money laundering activities related to investment operations, concealment, and conversion. Binance is registered as a digital asset service provider with the French financial regulator, the AMF. The French unit is suspected of soliciting French customers through its local arm outside the legal framework until 2022. Earlier, Binance announced its exit from the Netherlands due to its failure in obtaining an anti-money laundering license and its decision to end registration with Cyprus' securities regulator.