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

Published by
Nidhi Kolhapur

French investigators have launched a judicial probe into Binance 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.

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.

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 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.

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.

Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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