Crypto exchange Binance is confronted with money laundering in France

French authorities have conducted a judicial investigation into cryptocurrency -binance due to accusations of money laundering and tax fraud, Reuters reported.

The Economic and Financial Crime (Junalco) section of the Paris Public Officor (Junalco) is investigating activities from 2019 to 2024, including potential offenses in the European Union.

Junalco has confirmed that the investigation is aimed at money laundering linked to drug trafficking.

The scope of the probe extends to offenses that were supposedly committed in France and the entire EU.

The French research was encouraged by complaints from users who claim that financial losses as a result of incorrect information on the platform and the operation of Binance without the necessary approvals of the regulations.

In June 2023, Binance came under preliminary investigation by the Parisian public prosecutor for illegal research from customers and ‘worsened money wage’.

However, the crypto platform has refuted the costs.

By November last year, the company had raised its compliance team staff to 645 full-timers, as part of its “more intensive dedication to regulatory compliance” and “ongoing transformation” since the arrangement with the US government in 2023. “

A spokesperson for Binance told Interconnect: “Binance is deeply disappointed to hear that Junalco, a Parisian division of the French public prosecutor, has taken the decision to refer this issue to the French judiciary for further investigation.”

Binance confronted with regulatory challenges between 2023 and 2024, including Australia, Belgium, Canada, India, Nigeria and the US.

In the US, Binance settled with the government for $ 4.3 billion for accusations of violating AML laws and works without registration.

American prosecutors criticized Binance for his lax approach to illegal activities, including not reporting more than 100,000 suspicious transactions.

This month, the American Supreme Court awarded a lawsuit against Binance in which investors are involved who claim that the stock market did not sell registered tokens that subsequently fell in value.

Moreover, in last month, the business watchdog of Australia sued the local derivatives activities of Binance for alleged classifying retail customers as wholesalers, so that they have taken away the protection of consumers.

“Crypto Exchange Binance is confronted with money laundering in France” was originally made and published by Electronic Payments InternationalA brand of global data.

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