- Binance faces a French legal probe over money laundering, tax evasion, and drug charges.
- The probe follows Binance’s 2023 exit from France due to unlicensed crypto services.
- The outcome of this investigation could impact Binance’s future operations across Europe.
Binance, a leading global cryptocurrency exchange, is now under a legal probe by French regulators. The investigation spans several charges, which include money laundering, tax evasion, and drug trafficking. This is the latest in the series of the legal tussles between Binance and the French government that started in 2023.
The French investigation started in December last year when the authorities alleged that Binance had provided unlicensed cryptocurrency services. Also, the exchange was accused of laxity in putting in place a proper anti-money laundering (AML) measures. These initial concerns forced Binance to leave the French market before the end of 2023. Nevertheless, the legal problems for the platform have not been over yet and the company finds itself facing even graver accusations.
Global Regulatory Concerns
Regulation has always been a significant concern. Throughout the year, the exchange and have faced legal issues in the US over money laundering and sanctions issues. These current legal issues may negatively affect the company’s business in different parts of the world.
Accordion to the report, a Binance spokesperson said that the company “categorically denies the allegations.” They will fight for their rights and argue that the issue is quite old. The spokesperson also mentioned Binance’s improvement in the area of AML and compliance as one of its achievements. These are compliance with the international AML and KYC standards, and enhancing employee awareness.
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Even with the news regarding the Judicial probe, the native token of Binance has not been affected in the market. As of press time, BNB is trading at around $670.68, which has dropped by 0.58% in the last 24 hours and 3.99% in the previous week.
The legal issues faced by the platform may result in the increased regulation of the crypto market. This particular case could provide a reference point for how world authorities are going to address and control the cryptocurrency exchanges in the future.
