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The public prosecutor of France investigates Binance on suspicion of violating money and washing terrorist financing, in the last probe to the world’s largest cryptocurrency exchange.
Binance “probably helped to launder ordinary money.. In particular drug trafficking and tax fraud,” said the French public prosecutor on Tuesday, for activities “dedicated in France but also. . . In all countries of the European Union ”.
It marks the final step against Binance through law enforcement and emphasizes the use of cryptocurrencies in international criminal operations. The research is an expansion of another that started in France in 2023 about whether it brought them to the market to consumers without legal approval and other allegations.
“Binance completely denies the allegations and will strongly against the charges against it,” said the company, adding that it was “deeply disappointed” that the case “that is a few years old” is further investigated by the French authorities.
The best crypto exchange in the world received a record of $ 4.3 billion in 2023 by US officials for not taking measures against money laundering and infringements of international sanctions. The co-founder, Changpeng Zhao, finished at the time when Chief Executive and his replacement promised to improve compliance checks.
The French probe relates to activities from 2019 to 2024, after users complained about losing money by investing in the stock market due to incomplete disclosure. The prosecutors said that the company has sent “promotional communication” to users in France “via influencers and advertising campaigns on social networks” before Binance was registered with supervisors, contrary to the law.