In recent years, the Binance cryptocurrency exchange has become the object of intense attention from governments around the world, and the French authorities have initiated another legal challenge.
The media reported that on Tuesday, January 28, France launched an investigation into the mentioned cryptocurrency exchange. In this case, Binance is accused of involvement in money laundering and tax fraud. According to information published by the media, money laundering is associated with drug trafficking.
The investigation launched by France is looking into the period from 2019 to 2024. At the same time, this investigation is not limited to the mentioned country only. The relevant process will cover all states of the European Union.
It is worth noting that this is not the first time Binance has been in the zone of increased attention from the French government. The authorities of this country have been examining the activities of the cryptocurrency exchange since 2022. The media reported that Binance did not have adequate Know Your Customer procedures to check users and possible money laundering.
A Binance spokesperson stated in a commentary for journalists that the mentioned latest challenge is a continuation of the legal probe launched many years ago. In the relevant context, it was noted that the cryptocurrency exchange was deeply disappointed to learn that JUNALCO, the Paris division of the French Public Prosecutor’s Office, has taken the decision to refer this matter, which is several years old, to the French judiciary for further investigation. It was also highlighted that Binance fully denies the allegations and will vigorously fight any charges made against it.
According to media calculations, between 2021 and 2025, the cryptocurrency exchange faced accusations from the authorities of at least 10 countries. In this case, among other things, Binance was charged with violating anti-money laundering laws and unregistered operations.
In 2023 and 2024, the cryptocurrency exchange ran into problems with the governments of at least six countries, including Australia, Belgium, Nigeria, the United States, India, and Canada. The most high-profile case was recorded in the US. In that country, Binance agreed to pay the government $4.3 billion for violating local anti-money laundering laws and operating as an unregistered money transmitter.
The chief executive officer of the cryptocurrency exchange, Richard Teng, stated during a conversation with media representatives that there were gaps in compliance as the team scaled from six members to eventually thousands and the number of users increased to more than 166 million as of December 2023. He reviews these historical issues and argues that user funds, security, and safety remain sacrosanct.
Binance is currently the world’s largest cryptocurrency exchange in terms of trading volume. Just last Monday, January 27, the platform processed over $21 billion in digital asset trades. This is evidenced by data from CoinGecko.
By November 2024, Binance had increased the size of its compliance team to 645 full-timers. The corresponding indicator demonstrates a 34% rise in headcount.
As we have reported earlier, Binance Sees $24B Customer Deposit Inflows in 2024.
