French authorities said on Tuesday they had opened a judicial investigation into Binance, the world’s largest cryptocurrency exchange, accusing the crypto exchange of money laundering, smuggling, and tax fraud, among other charges.
France’s National Organized Crime Unit (Junalco) said the investigation is examining the period from 2019 to 2024, which includes crimes committed by Binance within France but also across the European Union.
A spokesperson for Binance said in an emailed statement that Binance “fully denies the allegations and will vigorously fight any charges brought against it,” explaining that the matter has been going on for several years.
According to Reuters, French authorities said that Binance had failed to comply with its previous commitments to combat money laundering and terrorist financing. French authorities had previously investigated Binance in 2023 for money laundering.