The investigation concerns illegal activity as a digital asset service provider that preceded it received regulatory approval in May 2022 and “aggravated money laundering by engaging in investment operations, concealment and conversion, with these operations being conducted by criminals that generated profits,” the prosecutor’s office told CoinDesk. Binance is registered as a PSAN, or digital asset service provider, with the French financial regulator AMF (Autorité des Marchés Financiers).