Binance Under Investigation in France for Money LaunderingÂ
French investigators have launched a probe into top crypto exchange Binance for charges including money laundering, tax fraud, drug trafficking, and other violations, Reuters reports.
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The judicial investigation into Binance’s French branch began in 2022. Authorities stated at the time that they were examining the exchange for illegal practices. Binance has been accused of failing to comply with KYC (Know Your Customer) requirements and violating French laws.
This isn’t the only legal challenge the company is facing.
In December 2024, the Australian Securities and Investments Commission (ASIC) sued Binance for consumer protection violations. ASIC alleges that over 500 retail traders of Oztures Trading Ltd, the operator of Binance Australia Derivatives, were exposed to high-risk speculative products without proper safeguards.
In November 2023, Binance's former CEO, Changpeng Zhao (CZ), pleaded guilty in a U.S. federal court to money laundering violations. He was sentenced to four months in prison in May 2024 and fined $200 million. Meanwhile, Binance US was fined $4.3 billion in the same case.
CZ stepped down as CEO, with Richard Teng taking his place. Despite stepping down, CZ remains the company’s largest shareholder. He was released on September 27, 2024.
Founded in 2017, Binance is one of the world's leading crypto exchanges. According to CoinMarketCap, its 24-hour trading volume currently exceeds $23 billion.
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