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French prosecutors expand money laundering, tax investigation against Binance: Reuters



French authorities have expanded a Binance investigation, investigating alleged money laundering, tax fraud and other crypto exchange crimes from 2019 to 2024, according to a Tuesday report from Reuters.

Binance denied the allegations, telling CoinDesk in an email statement that “vigorously fight any charges made against it.”

The investigation, which Junalco opened, the division of the public office in Paris that holds the economic and financial crime, involves the alleged offenses that occurred in France as well as the wider European Union (EU). French authorities initially initiated the investigation into Binance in June 2023 for “intended money laundering” and the “illegal” provision of crypto trading services before this Received regulatory approval from AMFThe French Financial Regulator, in 2022.

“Binance has seriously failed to know that (Junalco) made a decision to refer to this, which was several years old, in the French judiciary for further investigation,” the spokesman added.

By the time the news broke the preliminary investigation in 2023, After-Ceo Changpeng “CZ” Zhao called “FUD” reports on social media And Binance’s promise of its existence in France again, which Zhao called the “flagship of exchange in Europe.”

Last April, Zhao was punished for four months in prison in the US for failing to fulfill a sufficiently known-your customer (KYC) and anti-money laundering (AML) regime in Binance, thus violating Bank Secrecy Act (BSA). Binance also sought a sin against violating BSA laws and penalties, and agreed to pay $ 4.3 billion to the fine and penalty to resolve the charges.

As part of Zhao’s dealings with the US prosecutors, he agreed to go down as the CEO of Binance. The exchange has since named Richard Teng, a former regulator, as CEO. Since Teng’s acquisition of the exchange, Binance said it increased in compliance efforts, strengthened the headcount and increased its spending nearly 40% years-on.



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