Binance faces a judicial probe in France over alleged financial crimes, adding to its global legal troubles amid growing scrutiny of the crypto industry.
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| French authorities are investigating Binance for money laundering, tax fraud, and illegal operations linked to drug trafficking, covering offences from 2019 to 2024. Image/ Illustration: ChicHue |
Paris, France, Europe— January 29, 2025:
French authorities have launched a judicial investigation into Binance, the world’s largest cryptocurrency exchange, over allegations of money laundering, tax fraud, and illegal operations, some linked to drug trafficking.
The probe covers suspected offences committed between 2019 and 2024, including violations within France and across the European Union. It was reportedly triggered by complaints from users who claimed financial losses due to misleading information and unlicensed operations.
Binance has denied the allegations, calling them outdated and emphasizing its efforts to enhance anti-money laundering (AML) measures and Know-Your-Customer (KYC) compliance.
The investigation adds to Binance’s mounting legal troubles worldwide. Its founder, Changpeng Zhao, was recently sentenced in the U.S. for money laundering violations and faces additional lawsuits, including accusations in the U.S. of selling unregistered tokens and claims in Australia of misclassifying retail customers.
Global regulators continue to warn that cryptocurrencies are increasingly used for illicit activities. France’s latest probe underscores the ongoing scrutiny of the crypto industry, which has recently rebounded despite a history of scandals.