French Authorities Investigate Binance for Alleged Fraud and Money Laundering

French authorities are investigating Binance for alleged money laundering, tax fraud, and unauthorized operations from 2019 to 2024.

The probe includes suspected money laundering linked to EU drug trafficking and follows user complaints of financial losses and misleading information. Binance denies the allegations. Previously, U.S. prosecutors found Binance guilty of anti-money laundering violations, citing over 100,000 unreported suspicious transactions tied to terrorist groups.

Founder Changpeng Zhao (CZ) received a four-month prison sentence, and Binance paid a $4.3 billion penalty.

Clever Robot News Desk 31^th January 2025