The French authorities have begun a judicial investigation into Binance's cryptocurrency exchange over allegations of money laundering and tax fraud, Reuters reported.
The Economic and Financial Crime Department of the Office of the Public Prosecutor Paris (Junalco) explores activities between 2019 and 2024, including possible crimes across the European Union.
Junalco has confirmed that the investigation focuses on money laundering associated with drug trafficking.
The scope of the probe extends to offenses committed claiming in France and throughout the EU.
The French investigation by consumers' complaints was triggered claiming financial losses due to incorrect information on the platform and Binance operation without the necessary regulatory approvals.
In June 2023, Binance came under a preliminary investigation by the Paris Prosecutor Office for illegal client canvassing and “worse money laundering.”
However, the crypto platform has disproved the allegations.
By November last year, the company had increased its compliance team number to 645 full -time, as part of its “intensive commitment to regulatory attachment” and “continuous transformation” since its settlement with the US Government in 2023. “
A spokesman for Binance said Correlation: “Binance is very disappointed to hear that Junalco, the Paris Division of the Office of the French Public Prosecutor, has made the decision to direct this issue, who are several years old, to French judiciary to investigate further.”
Binance has faced regulatory challenges in many countries between 2023 and 2024, including Australia, Belgium, Canada, India, Nigeria, and the US.
In the US, Binance settled with the government for $ 4.3bn over charges of breaching frequent laws and action without registration.
US prosecutors criticized Binance for his loose approach to illegal activities, including failing to report over 100,000 suspicious transactions.
This month, the US Supreme Court allowed a legal case against Binance involving investors who claim that the exchange had sold unregistered tickets that had subsequently dive in value.
In addition, in the past month, the Australian corporate watchdog sued Binance's local derivatives business because they are allegedly misrepresenting retail customers as wholesale clients, depriving them of consumer protections.
“Crypto Exchange Binance was published and announced facing a silver laundering probe in France” originally by International Electronic PaymentsBrand owned by Globaldata.
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