The investigation relates to illegally operating as a digital asset service provider before it received regulatory approval in May 2022 and “aggravated money laundering by taking part in investment operations, concealment and conversion, the latter being carried out by perpetrators of offenses having generated profits,” the public prosecution office told CoinDesk. Binance is registered as a PSAN, or digital asset service provider, with the French financial regulator, the AMF (Autorité des Marchés Financiers).