French investigators have launched a judicial probe into Binance, the world’s largest cryptocurrency exchange, for money laundering, tax fraud, drug trafficking, and other charges.
The Paris public prosecutor’s office (JUNALCO) stated that the investigation also includes money laundering linked to drug trafficking. Binance has not yet commented on the matter.
This investigation will cover all the activities from 2019 to 2024 in France and across the European Union. Users had complained about losing money due to misleading information from Binance and accused the platform of operating without proper approvals.
In 2023, the French authorities raised concerns, accusing Binance of offering illegal crypto services and failing to meet anti-money laundering standards. As a result, Binance left the French market last year.
This action shows the increasing pressure on cryptocurrency platforms from authorities around the world. Governments are stepping up efforts to enforce stricter financial laws and crack down on illegal activities linked to crypto platforms.
Binance, a leading exchange with millions of users and a wide range of services like trading, staking, and derivatives, has already faced challenges in several countries.
Recently, the U.S. Supreme Court allowed a case against Binance and its founder Changpeng Zhao to proceed, accusing them of illegally selling unregistered tokens. In December, Australia’s financial watchdog also sued Binance’s local derivatives business, alleging customers were wrongly classified and denied protections.
While the platform has adapted its operations to comply with local laws, this new investigation could make things even harder for Binance as regulators continue to tighten their grip.
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