French authorities stated they created a judicial probe investigating the crypto exchange Binance over alleged money laundering, tax fraud, drug trafficking and other charges, reported Reuters on Tuesday.
The probe follows France's prior investigation in Binance regarding supposed illegal canvassing of clients and money laundering, as Reuters reported in June 2023. The French newspaper Le Monde also wrote at the time that the country investigated Binance over purported failures in its know-your-customer (KYC) obligations in 2022.
The Block reached out to Binance, France's Judicial Investigation Service of Finance and the Paris public prosecutor's office for comment.
“Binance is deeply disappointed to learn that JUNALCO, a Paris division of the French Public Prosecutor’s Office, has taken the decision to refer this matter, which is several years old, to the French judiciary for further investigation," A spokesperson for Binance told The Block the following. "While we do not usually comment on legal proceedings as a matter of policy, Binance fully denies the allegations and will vigorously fight any charges made against it. Binance’s advances in AML and compliance have already been recognized by leading authorities including FinCEN, the DOJ and OFAC, among other things noting that Binance has 'implemented enterprise-wide AML/CFT,' 'implemented Financial Action Task Force standards for AML and KYC' and 'improved employee AML/CFT training.'"
Binance faced scrutiny for money laundering in the United States as well. In November 2023, the exchange, as well as its then-CEO Changpeng Zhao, pleaded guilty to money laundering, with Binance agreeing to pay a $4 billion fine and Zhao yielding to a $50 million fine and four months in prison, The Block previously reported.
Binance is the largest crypto exchange by monthly spot volume, according to The Block's Data Dashboard. The firm brought in $1 trillion, or 34% of December's $2.94 trillion spot market volume.
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