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- French law enforcement has launched an investigation against Binance, according to Reuters
- The charges include money laundering, tax fraud, and drug trafficking
- Binance denies all allegations
An investigation against Binance has been initiated in France
Investigation against Binance: A judicial investigation has been launched in France on suspicion of money laundering, tax fraud, and drug trafficking, according to Reuters.
Binance stated that they are “deeply disappointed” that the Paris branch of the French prosecutor’s office decided to refer the case, which “concerns events from several years ago,” to the French judiciary for further investigation. The company denies all accusations.
“Although we typically do not comment on legal proceedings due to our policy, Binance fully denies the allegations and will vigorously defend against any charges brought against it,” said representatives of the exchange.
It is worth noting that in November 2023, Binance and its founder Changpeng Zhao were found guilty of several charges by the U.S. Department of Justice. At that time, the company agreed to pay one of the largest corporate fines in U.S. history — $4.3 billion. Additionally, as part of the agreement with U.S. authorities, a five-year monitoring period was established to ensure the platform complies with legal requirements.
Later, in April 2024, Changpeng Zhao was sentenced for his admission of aiding and abetting money laundering and violating the Bank Secrecy Act. He spent four months in prison.
Furthermore, the Canadian regulator fined Binance for failing to meet anti-money laundering compliance requirements.
