Binance promises to fight money laundering charges from French probe
Binance is reportedly being probed by French authorities over alleged tax fraud, money laundering, drug trafficking, and various other charges.
According to Reuters, French investigators claimed on Tuesday that a judicial probe into the crypto platform has been launched.
When asked about the probe, a Binance spokesperson told Protos, “Binance fully denies the allegations and will vigorously fight any charges made against it.”
They added, “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.”
In June 2023, the Paris prosecutor’s office announced that Binance was under preliminary investigation over “acts of aggravated money laundering” and illegal canvassing of clients.
Read more: Binance claims to operate in 100+ countries but only discloses 45
Binance’s French offices were subsequently raided and a Binance spokesperson told Reuters that the exchange “was fully collaborative and we met our obligations accordingly.”
Former Binance CEO Changpeng Zhao initially owned 100% of shares in Binance France but was forced to drop these in May 2024 in order to comply with French regulations. He pleaded guilty to various federal charges in November 2023.
As a result, co-founders Yulong Yan and Lihua He become the dominant shareholders, holding 50% each.
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