Binance France and its parent company Binance Holdings Limited have been sued by 15 investors in France for alleged deceptive trade practices and fraudulent concealment.
In a lawsuit filed on December 14, the plaintiffs claim that Binance violated French laws by advertising and distributing crypto services before receiving registration from the country's authorities.
France's financial market regulator, the Autorité des marchés financiers, granted Binance a license as a digital asset provider in May 2022. The license allowed the cryptocurrency exchange to offer services such as asset custody and cryptocurrency trading.
Binance also responded to questions about Terra stablecoin advertising in the country. The company noted that its communication presents staking with Binance as secure, and not the underlying tokens.
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