Just In: Binance Faces French Probe for Money Laundering, Tax Fraud, & More

French investigators have launched a judicial probe into Binance Binance - [email protected] Centralised ExchangeCryptocurrenciesTrading AppCryptocurrency investment the major cryptocurrency platform, on charges including money laundering, tax fraud, and drug trafficking, according to Reuters.

The financial crime division of the Paris public prosecutor’s office (JUNALCO) confirmed that the investigation is focused on money laundering tied to drug trafficking. The probe covers the period from 2019 to 2024, focusing on potential offenses in both France and the broader European Union.

The investigation follows complaints from users who claim they lost money due to misleading information and allege that Binance was operating without the necessary legal approvals.

Binance’s Legal Troubles in France

The investigation into Binance started in 2023, when French authorities accused the platform of offering illegal crypto services and failing to meet anti-money laundering standards. In response to growing pressure from regulators, Binance was forced to exit the French market in 2024.

Binance Faces Global Legal Challenges

The French investigation is just one part of Binance’s legal troubles worldwide. This month, the U.S. Supreme Court allowed a lawsuit to move forward against Binance and its founder changpeng zhao changpeng zhao Changpeng Zhao, populalrly known as CZ, is a Chinese-Canadian businessman. He founded Binance, the biggest cryptocurrency exchange in the world based on trading volume. CZ came across Bitcoin (BTC) in 2013 from a friend. Full Name Changpeng Zhao Birth  1977 in Lianyungang, Jiangsu, China Nationality Chinese-Canadian, UAE Education BSc. from McGill University Marital Status Married to Yang Weiqing Famous For Binance, Advocate for decentralized finance, blockchain tech. Net Worth $59.4B (refer for realtime) Before starting Binance in 2017, he was the Head of Development at Blockchain.info and the Chief Technology Officer (CTO) at OKCoin. Under CZ, Binance launched an ICO (Initial Coin Offering) that raised $15 million and rapidly became the largest exchange within months. To improve trading options, the firm introduced Binance Smart Chain (BSC), Binance Labs, Binance Academy, Binance Launchpad, and other blockchain-based solutions. CZ has influenced the global adoption of crypto by offering regulatory compliance, DeFi solutions, and infrastructure for digital assets. CZ’s Career Timeline Tokyo Stock Exchange (2001–2003) – Developed trading systems for financial institutions. Bloomberg Tradebook (2003–2005) – Worked as a software developer for high-frequency trading systems. Fusion Systems (2005–2013) – Co-founded this financial technology firm specializing in ultra-low-latency trading solutions. Blockchain.info (2013–2014) – Served as Head of Development, working with early Bitcoin adopters like Roger Ver and Ben Reeves. OKCoin (2014–2015) – Worked as Chief Technology Officer (CTO) at one of the largest fiat-to-crypto exchanges at the time. Binance (2017–2023) – Founded Binance and led it to become the world's largest cryptocurrency exchange before stepping down as CEO in 2023. Awards and Recognizations List of achievements Year Bloomberg 50 – Most Influential People in Finance 2021 Forbes Crypto Rich List – Billionaire Status 2022 Top 10 Most Influential People in Crypto (CoinDesk) 2022 Binance – World’s Largest Crypto Exchange by Volume 2018-23 There were regulatory issues in some countries about crypto. However, CZ continued to support decentralization, financial freedom, and innovation in the cryptocurrency industry. After reaching an agreement with U.S. regulators over compliance violations, in 2023, he resigned as CEO of Binance. Useful Links X (formerly Twiter) https://twitter.com/cz_binance? Instagram CZ_Binance (@changpengzhao)  LinkedIn Changpeng Zhao - Binance | LinkedIn EntrepreneurInvestorChief Executive Officer The lawsuit involves investors who claim that Binance illegally sold unregistered tokens.

Additionally, in December, Australia’s corporate watchdog filed a lawsuit against Binance’s local derivatives business, accusing the exchange of misclassifying retail customers as wholesale clients and denying them consumer protections.

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Growing Global Scrutiny of Crypto Platforms

This move by the French regulators highlights the growing scrutiny that cryptocurrency platforms are facing from regulatory bodies worldwide. This is part of a larger trend where global regulators are ramping up their efforts to enforce stricter compliance with financial laws and crack down on illicit activities that can be facilitated through crypto platforms.

Binance (Still) Stands Strong

Despite these legal challenges, Binance remains one of the biggest players in the crypto space, offering a wide range of services such as trading, staking, and derivatives. While the exchange has made adjustments to comply with local laws, this latest investigation could bring more pressure from regulators, potentially affecting its operations even further.

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