Binance Faces Renewed Scrutiny in France Over Money Laundering and Tax Fraud
French authorities have intensified their investigation into Binance, the world’s largest cryptocurrency exchange, over allegations of money laundering, tax fraud, and illicit financial activities linked to drug trafficking. The case, which has been ongoing since 2023, has now been escalated to France’s judiciary for further legal proceedings.
Binance responded to the renewed scrutiny on Tuesday, stating that the accusations were "several years old" and expressing disappointment that the investigation was moving forward. According to the exchange, France’s National Jurisdiction for the Fight against Organized Crime (JUNALCO) has taken charge of the case following initial probes by the country’s financial judicial investigation service.
Prosecutors in Paris will now determine whether Binance adhered to money laundering regulations between 2019 and 2024, not just in France but across European markets. Additionally, authorities are looking into whether Binance violated French laws by leveraging influencer-driven promotional content before being formally registered as a digital asset service provider in the country.
Binance has firmly denied all allegations, stating that it will “vigorously fight any charges.” The exchange has faced regulatory scrutiny in multiple jurisdictions, with legal battles spanning the U.S., the U.K., and now France.
This development follows last year’s sentencing of Binance’s founder and former CEO, Changpeng "CZ" Zhao, who received a four-month prison term after pleading guilty to money laundering violations in 2023.
As Binance navigates these mounting legal pressures, the outcome of France’s investigation could have significant implications for the crypto industry in Europe and beyond.