Binance's regulatory woes continue, with the crypto exchange forced to exit the Netherlands and facing up to a French investigation in "aggravated" money laundering.
The company has failed in its bid to secure a virtual asset service provider (VASP) license in the Netherlands.
It is not accepting new users with immediate effect and, from 17 July, existing users will not be able to make purchases, trades or deposits.
Binance stresses that it is already compliant with EU standards on the prevention of money laundering and financing of terrorism as evidenced by its registrations in other EU countries, including France, Italy, Spain, Poland, Sweden and Lithuania.
However, according to CoinDesk, it is facing money laundering troubles in France, where the authorities are investigating the firm.
The probe relates to Binance potentially illegally operating as a digital asset service provider before it received regulatory approval last May.
In addition, prosecutors tell CoinDesk, the investigation concerns possible "aggravated money laundering by taking part in investment operations, concealment and conversion, the latter being carried out by perpetrators of offenses having generated profits".
In the US, the SEC has sued Binance and its CEO Changpeng Zhao, alleging a host of securities law violations and accusing the world's largest crypto exchange of engaging in an "extensive web of deception".