French Customers File Complaint Against Binance Over Crypto Promotions

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A group of French investors who were previously clients of Binance have filed a lawsuit against the leading cryptocurrency exchange for allegedly illegally promoting its digital asset services in France between December 19, 2020 and May 4, 2022. alleged that this was before Binance obtained permission from the country’s financial markets regulator to offer digital asset services in the country.

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Lawyers involved in the case told Reuters that the plaintiffs accused Binance of having a deceptive trading practice. According to local media outlet Mediapart, investors claimed to have lost over $2.4 million following the collapse of TerraUSD/LUNA, adding that Binance promoted the token as being backed by the US dollar.

Finance tycoons reported that the French Financial Markets Authority (AMF) gave Binance the green light to offer digital asset services in the country in May.

Check out this recent Finance Magnates London Summit 2022 session on the changing market structure of the crypto industry.

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In a blog post, Binance shared the responses it gave to Mediapart regarding the complaint. The exchange noted that it had not made any promotional communication in France during the said period.

Responding to the question about its use of a Telegram channel named Binance French to share posts about its activities, Binance said that it had not promoted in France before being allowed to do so,” adding that “Telegram groups are global community forums, which any Telegram user can voluntarily create or join.

Meanwhile, Binance has continued to make efforts to establish its presence in Europe. The finance tycoons reported that the exchange entered into licensing discussions with Germany’s Federal Financial Supervisory Authority (BaFin) after the registration of its digital asset service provider in France.

Additionally, in May, Binance received the green light from Italian financial market regulator, Organismo Agenti e Mediatori, to offer its cryptocurrency services in the country. Later in June, Binance obtained the same authorization in Spain.

A group of French investors who were previously clients of Binance have filed a lawsuit against the leading cryptocurrency exchange for allegedly illegally promoting its digital asset services in France between December 19, 2020 and May 4, 2022. alleged that this was before Binance obtained permission from the country’s financial markets regulator to offer digital asset services in the country.

Lawyers involved in the case told Reuters that the plaintiffs accused Binance of having a deceptive trading practice. According to local media outlet Mediapart, investors claimed to have lost over $2.4 million following the collapse of TerraUSD/LUNA, adding that Binance promoted the token as being backed by the US dollar.

Grab your copy of our latest Quarterly Intelligence Report for Q3 2022 before your competitors and stay up to date on crucial developments in the Forex and CFD industry!

Finance tycoons reported that the French Financial Markets Authority (AMF) gave Binance the green light to offer digital asset services in the country in May.

Check out this recent Finance Magnates London Summit 2022 session on the changing market structure of the crypto industry.

keep reading

In a blog post, Binance shared the responses it gave to Mediapart regarding the complaint. The exchange noted that it had not made any promotional communication in France during the said period.

Responding to the question about its use of a Telegram channel named Binance French to share posts about its activities, Binance said that it had not promoted in France before being allowed to do so,” adding that “Telegram groups are global community forums, which any Telegram user can voluntarily create or join.

Meanwhile, Binance has continued to make efforts to establish its presence in Europe. The finance tycoons reported that the exchange entered into licensing discussions with Germany’s Federal Financial Supervisory Authority (BaFin) after the registration of its digital asset service provider in France.

Additionally, in May, Binance received the green light from Italian financial market regulator, Organismo Agenti e Mediatori, to offer its cryptocurrency services in the country. Later in June, Binance obtained the same authorization in Spain.

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