Binance France and its parent company Binance Holdings Limited are being sued in France by 15 investors for alleged deceptive commercial practises and fraudulent concealment.
Plaintiffs claimed in a complaint filed on December 14 that Binance violated French laws by advertising and distributing crypto services before receiving registration from the country’s authorities.
The Autorité des Marchés Financiers, France’s financial market regulator, has granted Binance a licence as a digital asset provider until May 2022. The licence allowed the crypto exchange to provide services like asset custody and cryptocurrency trading.
The complaint allegedly includes screenshots of Binance’s prior social media activity, including a Telegram channel dubbed “Binance French”.
Binance France, on the other hand, responded to questions about the case in a blog post.
According to it, the company did not conduct any promotional communications in France during the relevant period and stated that “Telegram groups are global community forums”, allowing users to create and join channels voluntarily.
(Reporting: Shikha Singh, Editing: Laxmikant Khanvilkar)
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