French authorities are probing Binance for money laundering, tax fraud, drug trafficking and other charges.
Binance told Decrypt in a statement Tuesday that the allegations were "several years old," and that it was "deeply disappointed" to hear it was being taken further.
France's financial judicial investigation service started investigating Binance back in 2023.
French Authorities Investigating Binance for ‘Aggravated Money Laundering’
The regulatory challenges facing crypto exchange Binance continue to mount, now from Europe. French newspaper Le Monde today reported that Binance is under investigation by the judicial finance investigation service under the direction of the specialized interregional jurisdiction of Paris (JIRS) for “illegal” acts relating to the function of service provider on digital assets, as well as "aggravated money laundering." Crypto media site CoinDesk reported that it had confirmed the allegations wit...
Binance confirmed to Decrypt that France's National Jurisdiction for the Fight against Organized Crime (JUNALCO) had taken the decision to refer the case to the French judiciary for further investigation.
Reuters first reported the news. Paris prosecutors said in a statement that they will investigate whether Binance, from 2019-2024, complied with money laundering regulations in France and other countries in Europe.
It added that it was also investigating whether the exchange had broken the law by using promotional videos with influencers before the company was registered in France as a digital asset service provider.
Binance Founder Changpeng Zhao Sentenced to 4 Months in Prison for Money Laundering Violations
Former Binance CEO Changpeng "CZ" Zhao was sentenced to four months in prison Tuesday, punished after pleading guilty to money laundering violations last year. Changpeng Zhao "had the personnel, resources, and wherewithal to comply with U.S. regulations,” U.S. District Judge Richard Jones said in Seattle while delivering Zhao’s sentence. “But failed at that opportunity." Jones also cited a statement from Zhao that said “it was better to ask forgiveness than permission," with the judge that he wa...
Binance said: "While we do not usually comment on legal proceedings as a matter of policy, Binance fully denies the allegations and will vigorously fight any charges made against it."
Back in 2023, French feds started investigating the exchange for "aggravated money laundering."
Binance is the world’s biggest crypto exchange and has been investigated by authorities in other countries before.
Binance founder and former CEO Changpeng "CZ" Zhao was sentenced to four months in prison last year after pleading guilty to money laundering violations in 2023.
Editor's note: This story was updated to add more context.
Edited by Stacy Elliott
