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Cryptocurrencies: fifteen French investors file a complaint against Binance

Fifteen investors have filed a complaint against the Binance France cryptocurrency platform and its holding company, Binance Holdings Limited, denouncing facts that could be qualified as misleading commercial practices or even a violation of the regulations, we informed the lawyers of the suspects. The complaint relates to facts likely to be qualified as “violation of the applicable regulations digital asset service providers“(PSAN), deceptive commercial practices and concealment of fraud, indicated to AFP Me Baptiste Bonhomme and Me Etienne de Dreuille, confirming information from Mediapart.

The suspects, fifteen people “of French nationality” aged “from 25 to 55 years old”, have, according to their lawyers, suffered a total financial loss of nearly 2.5 million euros, from May 7, during of the crash of the “stablecoin” terra (UST). Terra, a cryptocurrency that was touted as needing to hold steady at the price of one dollar, “simply crashed,” the advice of those interviewed reminded. “All investors were left with nothing, no guarantees,” as the platform presented the value as “collateral,” backed by the US dollar, according to investor advice. In its defense, Binance claims to include “always market risk warnings” regarding these assets and denies having produced misleading communications, in a response posted on its website.

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Binance did not comply with French regulations, say lawyers for suspects

For the lawyers of the suspects, there is also a problem of compliance with the regulations of the part of the Binance platform: it communicated and disseminated its services when it did not yet have the right to do so, they argue. Binance only obtained the PSAN registration from the Autorité des marchés financiers (AMF) on May 4, 2022, allowing it the custody of digital assets and providing it with the right to communicate and promote its services. The AMF prohibits platforms that have not been transferred registered from operating in France. The investors’ lawyers claim to have been able to “accurately document” violations of Binance, prior to May 2022: the platform communicated in particular via Instagram and via a Telegram group called “Binance French”, “created at the initiative of Binance and stamped as the official group” of Binance, according to Me Bonhomme and Me de Dreuille.

“Binance did not promote in France before being allowed to do so,” the platform said in its response on its website. And Binance French is a “community group made up of French-speaking users from around the world,” Binance argued. Asked Tuesday by AFP, the AMF did not respond immediately. The complaint also, registered on December 14 by the Paris prosecutor’s office, was filed against “any other person” who could be “blamed for breaches” in this case, the lawyers said. Stablecoins are cryptocurrencies, like bitcoin. Their transactions are validated by a decentralized register, the blockchain. Their issuers aim to remain at a fixed price against the dollar.


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