France Launches Probe Into Binance: Report

French investigators have launched an investigation into cryptocurrency giant Binance, according to Reuters.

Related

The leading cryptocurrency trading platform is reportedly being probed for money laundering, tax fraud, as well as other illicit activities. 

Back in 2023, the Paris prosecutor’s office said that the exchange was under a preliminary investigation related to money laundering violations. 

Related

The exchange registered with the country’s crypto regulator back in May 2022. 

New shareholders 

Changpeng Zhao, the former Binance CEO, used to be the sole shareholder of Binance France, the local subsidiary of the crypto giant. Last May, he was replaced by two new shareholders. 

The fact that Zhao was the sole owner of Binance France would have prevented the exchange from operating in the country. Under French law, criminals cannot be majority shareholders. 

In late 2023, Binance reached a $4.3 billion settlement with U.S. prosecutors after pleading guilty to violating sanctions and anti-money laundering laws. Zhao also stepped down from his top job before serving several months behind bars last year following his criminal conviction.

Disclaimer: The opinions expressed by our writers are their
own and do not represent the views of U.Today. The financial and market information
provided on U.Today is intended for informational purposes only. U.Today is not
liable for any financial losses incurred while trading cryptocurrencies. Conduct
your own research by contacting financial experts before making any investment
decisions. We believe that all content is accurate as of the date of publication,
but certain offers mentioned may no longer be available.