Catenaa, Wednesday, February 05, 2025 – French authorities have launched a judicial investigation into Binance, the world’s largest cryptocurrency exchange, on charges of money laundering, tax fraud, and other allegations.
The probe, led by the Paris Public Prosecutor’s economic and financial crime division (JUNALCO), centers on money laundering linked to drug trafficking and examines the period from 2019 to 2024.
The investigation spans not only France but also other European Union countries.
Binance, which has faced a series of legal challenges in various jurisdictions, strongly denies the accusations.
Reports citing the company stated that the charges were based on events from several years ago and assured that Binance would vigorously contest the claims.
The company also emphasized its progress in anti-money laundering (AML) and Know-Your-Customer (KYC) compliance, noting improvements in employee training and regulatory adherence.
This investigation follows complaints from users who alleged financial losses after investing through the platform. They claimed Binance had provided inaccurate information and operated without the necessary approvals. Binance was already under investigation for illegal client solicitation and aggravated money laundering, which began in June 2023.
The latest probe adds to a growing list of legal issues for Binance. In the US, a court recently allowed a case against the platform and its founder, Changpeng Zhao, over unregistered token sales.
The company also faces regulatory actions in Australia and other countries.
