Binance Denies France Claims as Legal Challenges Mount Worldwide

Binance faces another legal challenge, this time in France, over allegations of money laundering and tax fraud. The investigation, covering 2019-2024, is part of a broader scrutiny of Binance’s operations across the European Union. Binance denies all allegations and vows to fight the charges as global regulatory pressure continues to rise.

Binance Under Investigation in France

Binance, the world’s largest cryptocurrency exchange by trading volume, is once again facing legal scrutiny. On January 28, French authorities reportedly launched an investigation into the exchange over allegations of money laundering and tax fraud linked to drug trafficking. The inquiry covers the period from 2019 to 2024 and extends beyond France to include all European Union nations.

This is not the first time Binance has been in France’s regulatory spotlight. The country has been investigating the company since 2022 over concerns about its Know Your Customer (KYC) procedures, which allegedly failed to prevent illicit financial activity. French regulators argue that Binance has not implemented adequate safeguards against money laundering.

A Binance spokesperson told Cointelegraph that the latest probe is a continuation of an older investigation:

“Binance is deeply disappointed to learn that JUNALCO, a Paris division of the French Public Prosecutor’s Office, has taken the decision to refer this matter, which is several years old, to the French judiciary for further investigation.”

The exchange firmly denies all allegations and has stated its intention to vigorously contest any legal charges.

Binance Faces Legal Hurdles Worldwide

According to data compiled by Cointelegraph, Binance has faced regulatory challenges in at least 10 countries between 2021 and 2025. Allegations against the exchange range from violations of Anti-Money Laundering (AML) laws to operating without proper registration.

Between 2023 and 2024, Binance encountered legal difficulties in at least six countries: Australia, Belgium, Canada, India, Nigeria, and the United States. One of the most high-profile cases occurred in the US, where Binance agreed to pay $4.3 billion in penalties for breaching AML laws and operating as an unregistered money transmitter.

Richard Teng, Binance’s CEO, acknowledged compliance gaps during the company’s rapid expansion. He explained that as Binance scaled from six employees to thousands, certain regulatory measures lagged. However, he asserted that these issues are “historical,” and emphasized that user security and regulatory compliance remain top priorities for the company.

Binance’s Compliance Efforts

Despite its ongoing legal challenges, Binance continues to make strides in improving compliance. The company expanded its compliance team by 34% in 2024, bringing the total number of full-time compliance professionals to 645. This move aligns with Binance’s commitment to meeting regulatory standards following its US settlement in 2023.

Binance representatives highlighted that its recent improvements in AML and compliance practices have been acknowledged by leading financial regulatory bodies, including:

• The Financial Crimes Enforcement Network (FinCEN)
• The US Department of Justice (DOJ)
• The Office of Foreign Assets Control (OFAC)

Future Outlook for Binance

As of January 27, Binance processed over $21 billion in daily digital asset trades, reaffirming its position as the largest global cryptocurrency exchange. While legal battles continue to pose challenges, Binance remains focused on maintaining operational stability and strengthening its regulatory compliance efforts.

With growing scrutiny from European regulators and global financial authorities, the outcome of the French investigation could have significant implications for Binance’s future in the region and beyond.

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