Binance denies France’s claims as legal challenges mount worldwide
Binance has faced its fair share of legal probes around the world, often forcing it to withdraw from countries or pay hefty fines.
Cryptocurrency exchange Binance has come under scrutiny from governments in multiple countries in recent years, with authorities in France launching the latest legal challenge.
On Jan. 28, authorities in France reportedly opened an investigation into the exchange over allegations of money laundering and tax fraud. The money laundering is reportedly associated with drug trafficking. The investigation is looking into a period between 2019 and 2024 but is not limited to France and will include all European Union countries.
It is not the first time Binance has been in the crosshairs of the French government. The country has been examining the company’s activities since 2022, with the exchange reportedly failing to have adequate Know Your Customer procedures to check on users and possible money laundering activity.
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Author: Christopher Tepedino
