On January 28, 2025, French investigative authorities announced the initiation of a judicial investigation into the cryptocurrency platform Binance. The company is suspected of money laundering related to illegal drug trafficking, tax fraud, and other offenses. Reuters
This is not the first time that Binance has faced similar accusations in France. In 2023, the Paris Prosecutor's Office confirmed the conduct of an investigation related to the illegal provision of cryptocurrency services and money laundering under aggravating circumstances. At that time, the investigation concerned the exchange's activities up until May 2022, when it received permission to operate from the French financial regulator AMF.
In response to these accusations, Binance representatives stated that the company is closely cooperating with regulatory and law enforcement authorities, complying with all laws of France and other markets in which it operates. However, they declined to comment on the details of the ongoing investigations.
Previously, in May 2023, Binance halted trading in anonymous cryptocurrencies for users from France, Poland, and Italy in accordance with local regulatory requirements. Such cryptocurrencies include Decred (DCR), Dash (#DASH ), Zcash (#ZEC ), Monero (XMR), and others. This decision was made against the backdrop of tightening requirements for crypto assets in these countries aimed at preventing money laundering, financing of terrorism, and tax evasion.
Moreover, in 2023, Binance faced several lawsuits and increased scrutiny from regulators in other countries. In March, the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against the exchange for possible violations of derivatives trading rules. In June, the U.S. Securities and Exchange Commission (SEC) accused the platform of lacking proper registration and selling unregistered securities. As a result of these actions, Binance was forced to cease operations in some countries, including Canada and the Netherlands.
Current investigations and measures being taken by various countries highlight the need for strengthening the regulation of cryptocurrency platforms and ensuring their compliance with international standards for combating money laundering and the financing of terrorism.
So far, Binance representatives have not provided any further comments regarding the new investigation initiated by the French authorities.