According to a Reuters report dated 28 January 2025, French investigators have opened a formal probe into Binance.
The world’s largest crypto exchange is facing charges over allegations of money laundering.
However, this isn’t the first time the company is under fire. It has faced scrutiny for alleged non-compliance with local laws
In 2021, Binance came under investigation in the US for potential violations of anti-money laundering (AML) regulations.
NEWS: Binance under investigation for money laundering, tax fraud, and drug trafficking in France
— Jacob King (@JacobKinge) January 28, 2025
Similarly, authorities in the UK, Japan, and Germany have issued warnings or taken action against the platform for operating without proper licenses.
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“Deeply Dissapointed,” The Company Says
“Binance fully denies the allegations and will vigorously fight any charges made against it,” the company said. The company added that the matter was “several years old.”
French authorities are investigating Binance for alleged “acts of aggravated money laundering” and unregistered provision of digital asset services. The probe is being led by the specialized financial crime unit of France’s public prosecutor’s office in Paris.
Authorities suspect that the company may have facilitated illicit financial flows by failing to implement robust AML measures.
The investigation reportedly centers on whether Binance allowed transactions linked to criminal activities such as tax fraud, drug trafficking, and other forms of organized crime.
Additionally, regulators are scrutinizing whether the platform operated in France without proper registration under local laws governing digital asset service providers (DASPs).
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Binance Named In India’s $97 Million Crypto Tax Probe
Indian Government Cracks Down on Crypto Tax Evasion
– Major exchanges like Binance and #WazirX owe ₹824 crore (that’s $97 Million !) in unpaid GST.
– Other Exchanges that being investigated : CoinDCX and CoinSwitch Kuber #CryptoTax #India #Binance pic.twitter.com/9aSr27U8uH— Chad All-In Top Daily Crypto News (@Chad_allin) December 4, 2024
Last year, Binance was been named in India’s tax investigation concerning alleged tax evasion amounting to $97 million, according to a statement by Minister of State for Finance Pankaj Chaudhary in Parliament.
The investigation stemmed from the Indian government’s intensified efforts to regulate and tax the cryptocurrency sector.
In fact, the Indian Directorate General of GST Intelligence (DGGI) has been actively probing various cryptocurrency exchanges to ensure compliance with the Goods and Services Tax (GST) regulations.
The report alleges that the company was involved in activities that resulted in significant tax discrepancies.
Moreover, in December 2024, Cambodia blocked access to 16 major crypto exchanges, including global giants Binance, Coinbase, and OKX. The crackdown, enforced by the Telecommunication Regulator of Cambodia (TRC) restricts access to 102 domains, primarily tied to online gambling and unlicensed crypto activities.
Explore: WazirX, Binance Named In India’s $97 Million Crypto Tax Probe
The post Binance Under Scrutiny As France Starts Investigation For Fraud appeared first on 99Bitcoins.
