- Binance is reported to be under investigation in France for tax fraud and money laundering.
- Reuters reported on January 28 that French prosecutors are probing Binance for activities between 2019 and 2024.
France has opened a judicial inquiry into allegations of tax fraud, money laundering and related illegal activities at Binance, Reuters reported on January 28.
The report states that investigators from the Paris Prosecutor’s Office have launched an investigation into Binance’s activities covering the period from 2019 to 2024.
France’s Investigation into Binance
Binance, the world’s largest cryptocurrency exchange by trading volume, reached a settlement with U.S. authorities in November 2023.
In June of the same year, French authorities revealed the company was already under preliminary investigation for potential money laundering. Reports indicate Binance has been subject to scrutiny in France since at least 2022.
Responding to the French inquiry into alleged tax fraud and money laundering, a Binance spokesperson told Protos:
“Binance strongly denies these allegations and will vigorously defend itself against any charges brought.”
Although the exchange settled with the U.S. Department of Justice for $4.3 billion and agreed to the departure of former CEO Changpeng Zhao, it remains entangled in legal disputes with the U.S. Securities and Exchange Commission.
Binance and Zhao recently lost an appeal that sought to dismiss a proposed class-action lawsuit alleging the crypto exchange violated U.S. securities laws. The company’s appeal was rejected by the U.S. Supreme Court.