France Investigates Binance for Money Laundering and Tax Fraud

Last Updated on January 29, 2025

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Binance website. Source: IB Photography - stock.adobe.com

Key Takeaways:

  • Binance is under investigation in France for alleged money laundering, tax fraud, and potential ties to drug trafficking from 2019ā€“2024.
  • Franceā€™s probe also scrutinizes Binance’s compliance across all EU member states.
  • This follows ongoing global legal scrutiny and prior French investigations over KYC and money laundering concerns.

Binance, the worldā€™s largest cryptocurrency exchange, is under investigation in France for alleged money laundering, tax fraud, and links to drug trafficking.

The probe, spanning Binanceā€™s operations from 2019 to 2024, also affects other European Union countries.

French authorities have scrutinized Binance since 2022, raising concerns over inadequate Know Your Customer (KYC) procedures and vulnerabilities to money laundering.

This legal challenge adds to Binanceā€™s global scrutiny, which has led to fines and withdrawals from some markets.

Despite the allegations, Binance has pushed back against these claims as it navigates increasing regulatory pressures worldwide.

The outcome could have significant implications for its European and global operations.

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Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.

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