French Prosecutors Target Binance in Major Financial Crime Investigation

French authorities have launched a judicial probe into Binance, the world’s largest crypto exchange. The investigation focuses on charges of money laundering, tax fraud, drug trafficking, and other financial crimes. As these legal issues unfold, Binance’s challenges in France appear to be far from over.

Binance Faces Growing Scrutiny in France

The investigation follows a 2023 probe into Binance for providing unauthorized crypto services to French citizens. Authorities also criticized the exchange for failing to implement adequate anti-money laundering (AML) measures. These concerns raised questions about Binance’s role in facilitating illegal activities.

Binance France has also seen major resignations. Stéphanie Cabossioras, the executive director, left her position. She was among at least ten key executives to resign in 2023. These departures raise alarms about the exchange’s stability. In 2024, Binance withdrew from the French market, signaling the severity of its regulatory troubles.

A Global Legal Pattern

The investigation in France is part of a broader wave of legal challenges facing Binance. In the United States, the company has been accused of violating anti-money laundering laws and sanctions regulations. 

These allegations have harmed Binance’s reputation, despite the company’s denials of wrongdoing. Critics argue the exchange expanded too quickly without proper oversight. The scrutiny on Binance is not an isolated case. 

Other exchanges, like KuCoin, also face similar challenges. KuCoin recently settled with the U.S. Department of Justice, paying $300 million for operating without a license. As governments worldwide increase their regulatory efforts, crypto exchanges must focus more on compliance than expansion.