Binance Under Investigation in France for Money Laundering, Tax Fraud and Other Charges: Report

The world’s largest crypto exchange is facing a new investigation into what the company calls “old” allegations in France.

According to a new Reuters report, French authorities are investigating charges of money laundering in connection with drug trafficking against Binance.

Said an unnamed Binance spokesperson to Reuters,

“Binance fully denies the allegations and will vigorously fight any charges made against it.”

According to the report, Binance also referred to the matter as “several years old.”

It’s not the first time the world’s top crypto exchange has faced regulatory scrutiny.

In November 2023, Binance founder Changpeng Zhao stepped down as CEO and was replaced by Richard Teng. Both Zhao and Binance pled guilty to violating anti-money laundering requirements of the Bank Secrecy Act violations. Zhao was released from federal prison last September after spending less than a year incarcerated.

In Nigeria, it took an intervention from then-President Joe Biden to release Binance’s chief Nigerian compliance officer Tigran Gambaryan from prison last fall.

Gambaryan, a former agent of the US Internal Revenue Service (IRS), was visiting Nigeria to address regulatory concerns about Binance when local authorities arrested and jailed him on charges of money laundering and operating an unlicensed financial institution.

 

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