The French authorities have announced the opening of a judicial investigation in Binance, the largest exchange of cryptocurrencies in the world, on allegations of money laundering, tax fraud, and related crimes. The investigation, led by the Economic and Financial Crime Department at the Pariso Prosecutor’s Office (Junalco), also includes charges of laundering money related to drug trafficking. Binance has denied all allegations and pledged to defend strongly.
Binance’s legal challenges are expanding beyond France
The investigation, according to Jonalco, extends from 2019 to 2024, and is achieved from crimes that are not committed in France, but also through the entire European Union. According to the complaints submitted by users, with allegations that they had incurred financial losses due to wrong information and that Binance is working without obtaining a suitable permission. The Paris Prosecutor’s Office in the past began a preliminary investigation on the platform in June 2023, with a focus on the illegal customer’s request and the “strict money laundering”.
A spokesman for Binance confirmed, in a statement, that these allegations are old and highlighted the platform developments in compliance measures. This adoption includes International Money Laundering Standards (AML)Implement your knowledge procedures (KYC), enhance employee training. Despite these assurances, the company continues to face the escalating scrutiny.
Binance’s legal problems are not limited to France. The stock market and its founder, Changpeng Zhao, are subject to investigations and lawsuits around the world. In 2023, American prosecutors criticized Bennes for strengthening the “Wild West” environment, accused of welcoming criminal activities and failing to report more than 100,000 suspicious transactions linked to the specific terrorist groups. As part of a decision, Zhao acknowledged that he was guilty of violating the anti -money laundering laws, which led to a four -month prison sentence and a 4.3 billion dollars sentence on Binance.
In addition, Binance faces continuous lawsuits in the United States. This month, the United States Supreme Court allowed a case that involves accusations of selling unregistered symbols, which later decreased in value, to move forward. In Australia, the Companies Control Authority filed a lawsuit against Binance derivatives in December, claiming that retail employees were classified as wholesalers, thus depriving them of consumer protection.
Global organizational concerns surrounding the encrypted currency
The global organizational environment remains tense. Financial Labor Squad (FATF), The international body, which fights money laundering and terrorist financing, has repeatedly warned of the potential misuse of the coded currencies by criminals and terrorists. The challenges of the encryption industry were emphasized by financial crises in 2022, which witnessed the collapse of prominent companies due to widespread fraud, leaving millions of investors with heavy losses. Nevertheless, the prices of cryptocurrencies recently flourished, partially driven by US President Donald Trump’s position on encryption.
Binance continues to confirm its commitment to compliance, but its legal challenges reflect the broader scrutiny of the encryption industry because it is moving in a complex organizational scene.
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