French prosecutors probe Binance over money laundering, fraud allegations: Report

The Paris Public Prosecutor’s Office reportedly launched a probe into the crypto exchange’s activities between 2019 and 2024.

Authorities in France have reportedly launched an investigation into cryptocurrency exchange Binance over allegations of money laundering and tax fraud.

According to a Jan. 28 Reuters report, the economic and financial crime division of the Paris Public Prosecutor’s Office said it had opened a probe into the crypto exchange’s activities between 2019 and 2024 over money laundering allegedly connected to drug trafficking.

Binance users also reportedly said the exchange incorrectly communicated information to them, resulting in investing losses.

Earlier reports suggested that French authorities had been investigating Binance’s local arm since at least 2022 over allegations of money laundering and other illicit activities. Cointelegraph reached out to Binance for comment but had not received a response at the time of publication.

French authorities seem to have intensified regulatory scrutiny for crypto service providers but continue to authorize companies to operate in the country under appropriate

licensing arrangements. The reported French probe into Binance came more than 30 days after crypto exchange Bybit announced it planned to halt operations in the country by January, citing regulations.

Binance still faces lawsuits, probes internationally
In the US, Binance faces different legal challenges. The country’s Securities and Exchange Commission continues to pursue a civil suit against the exchange filed in 2023 despite reports suggesting that the regulator could change course under a new presidential administration.