Binance is under preliminary investigation for illegal canvassing of clients and money-laundering, the Paris prosecutor's office said on Friday, the latest in a series of setbacks for the world's largest crypto exchange.

The investigation is about "the unauthorised practice of the profession of virtual assets service provider" and "aggravated money-laundering," the prosecutor's office said in a statement.

A Binance spokesperson said Binance had an "on-site visit last week by the relevant authorities" in France. The exchange "was fully collaborative and we met our obligations accordingly," they said.

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