Binance founder and CEO Changpeng Zhao waves as he arrives on stage for a panel discussion on day two at the VivaTech conference in Paris, June 16, 2022.

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Paris – days before the visit of the French police binance The Paris office of the top French cryptocurrency exchange executive dismissed concerns about US regulatory charges affecting Binance’s other operations, comparing them to the flapping of a butterfly’s wings.

French prosecutors have opened an investigation into “aggravated money laundering” by cryptocurrency exchange, Le Monde mentioned Friday, adding in a statement that the company is also under investigation for operating an unauthorized exchange.

A few days before the raid, CNBC asked the head of Binance France, David Prinçay, if he was concerned about accusations from the two largest US financial organizations against the exchange.

“I don’t care what happened in the United States,” Prinsay responded, speaking at the Proof of the Talk summit in Paris. “We are in Europe, with a French regulator, a European regulator.”

Princhai insisted that Binance’s US assets are separated from the international exchange, an assertion also made by the exchange’s legal team. The US Securities and Exchange Commission imposed 13 fees on Binance last weekAnd He disagrees, arguing that Binance users’ funds are at “significant risk” of flight due to founder Changpeng Zhao’s alleged ownership of a tangle of companies linked to Binance.

The head of Binance France called the US allegations a “car accident.”

“The only concerns I have now is that we look too much at the car accident and don’t drive,” Princhai said.

Binance founder Zhao dismissed the police statement as a “FUD,” claiming that a “sudden on-site inspection” was the “norm.”

“We will not comment on details of law enforcement operations or regulatory investigations except to say that information about our users is held securely and is only provided to government officials upon receipt of appropriate and documented justification,” He said In another statement.

Princhai did not immediately respond to a request for comment on the police visit.

Binance faces more than a dozen charges from the SEC and a similar set of allegations from the CFTC. According to the SEC’s complaint, the Department of Justice’s investigation into the exchange is still ongoing.

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