French authorities are investigating Binance, according to Bloomberg News.

The Paris public prosecutor’s office has confirmed that Binance, the world’s largest cryptocurrency exchange, is under investigation for “acts of aggravated money laundering” and the “alleged illegal provision of digital asset services” in France. A spokesperson for Binance stated that the exchange had undergone an onsite visit by French authorities last week, and that Binance adheres to all laws in France. Binance has also announced that it will be leaving the Dutch market due to its inability to register. The exchange has stated that it will continue to work collaboratively with regulators around the world and focus on getting its business ready to be fully compliant with Europe’s landmark crypto regulatory framework, MiCA. In the US, Binance is facing legal action from the Securities and Exchange Commission for operating an unregistered exchange and violating various US laws.