French Authorities Expand Investigation Into Binance for Money Laundering
French authorities have expanded their investigation into Binance, focusing on alleged money laundering, tax fraud, and other crimes from 2019 to 2024. Key points include:
- The probe is led by JUNALCO, the Paris public prosecutor’s office division for economic and financial crime.
- Initial investigations began in June 2023 for aggravated money laundering and illegal crypto trading service provision.
- Binance received regulatory approval from the AMF, the French financial regulator, in 2022.
- Binance has denied the allegations and plans to contest any charges.
- Changpeng “CZ” Zhao previously referred to the investigation as “FUD” and emphasized Binance's commitment to France.
- Zhao was sentenced to four months in prison in the U.S. for inadequate KYC and AML compliance, resulting in a $4.3 billion settlement.
- Richard Teng has been appointed as CEO following Zhao's departure, with increased compliance efforts reported since his takeover.