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French authorities have launched a formal investigation into Binance, for money laundering, tax fraud, and drug trafficking.
The probe follows a pattern of increased regulatory scrutiny on crypto platforms globally.
Binance, despite facing numerous legal challenges worldwide, continues to operate, albeit with adjustments to its services.
French investigators have launched a judicial probe into Binance
Binance - [email protected] Centralised ExchangeCryptocurrenciesTrading AppCryptocurrency investment the major cryptocurrency platform, on charges including money laundering, tax fraud, and drug trafficking, according to Reuters.
The financial crime division of the Paris public prosecutor’s office (JUNALCO) confirmed that the investigation is focused on money laundering tied to drug trafficking. The probe covers the period from 2019 to 2024, focusing on potential offenses in both France and the broader European Union.
The investigation follows complaints from users who claim they lost money due to misleading information and allege that Binance was operating without the necessary legal approvals.
Binance’s Legal Troubles in France
The investigation into Binance started in 2023, when French authorities accused the platform of offering illegal crypto services and failing to meet anti-money laundering standards. In response to growing pressure from regulators, Binance was forced to exit the French market in 2024.
Binance Faces Global Legal Challenges
The French investigation is just one part of Binance’s legal troubles worldwide. This month, the U.S. Supreme Court allowed a lawsuit to move forward against Binance and its founder changpeng zhao
changpeng zhao Changpeng Zhao is the Founder and Chief Executive Officer at Binance. His contribution to the enhancement of Binance made the platform the world’s largest cryptocurrency exchange since its inception in 2017. Zhao launched the blockchain network Binance Smart Chain which has made a remarkable contribution to the development of the decentralized finance ecosystem. Whereas in 2019, he launched Binance’s US affiliate, Binance. The US.
Details: Organization: Binance
Location: United Arab Emirates
Skills: Trading System and Electronic Trading Experience: CEO at Binance from Jul 2017 to Nov 2023 ·
Founder at BijieTech from Sep 2015 to Jul 2017
Head of Development at Blockchain.com from 2013 - 2014 ·
Partner at Fusion Systems Group from Nov 2005 to Dec 2013
Head of Tradebook Futures Development at Bloomberg from 2001 - 2005 FAQ
1. What is the net worth of Changpeng Zhao?
Changpeng's net worth is $6,260 crores.
2. What are the latest investments of Changpeng Zhao?
Changpeng Zhao investing in the blockchain sector as well as artificial intelligence and biotechnology
EntrepreneurInvestorChief Executive Officer The lawsuit involves investors who claim that Binance illegally sold unregistered tokens.
Additionally, in December, Australia’s corporate watchdog filed a lawsuit against Binance’s local derivatives business, accusing the exchange of misclassifying retail customers as wholesale clients and denying them consumer protections.
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Growing Global Scrutiny of Crypto Platforms
This move by the French regulators highlights the growing scrutiny that cryptocurrency platforms are facing from regulatory bodies worldwide. This is part of a larger trend where global regulators are ramping up their efforts to enforce stricter compliance with financial laws and crack down on illicit activities that can be facilitated through crypto platforms.
Binance (Still) Stands Strong
Despite these legal challenges, Binance remains one of the biggest players in the crypto space, offering a wide range of services such as trading, staking, and derivatives. While the exchange has made adjustments to comply with local laws, this latest investigation could bring more pressure from regulators, potentially affecting its operations even further.
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