Binance Crypto Exchange faces the money laundering probe

Reuters reported that the French authorities began the judicial investigation into the exchange of cryptocurrencies on allegations of money laundering and tax fraud.

The Economic and Financial Crime Department of the Paris Public Prosecutor’s Office (Junalco) from 2019 to 2024, including potential crimes throughout the European Union.

Junalco has confirmed that the investigation focuses on laundering money associated with drug smuggling.

The scope of the investigation extends to the alleged crimes committed inside France and throughout the European Union.

The French investigation was moved through the user complaints that claim financial losses due to wrong information on the platform and the operation of Binance without the necessary organizational approvals.

In June 2023, Binance was subjected to a preliminary investigation by the Paris Prosecutor’s Office due to the classification of illegal customers and “strict money laundering”.

However, the encryption platform has refuted the fees.

By November last year, the company increased the number of compliance team to 645 full retirees, as part of its “intense commitment to organizational commitment” and “continuous transformation” since its settlement with the American government in 2023 “

A spokesman for Binance said Cointelegraph“Binance is very disappointed when you know that Junalco, a section of Paris in the French Prosecutor’s Office, made a decision to refer this issue, which is several years old, to the French judiciary for more investigations.”

Binance faced organizational challenges in many countries between 2023 and 2024, including Australia, Belgium, Canada, India, Nigeria and the United States.

In the United States, Binance settled with the government for $ 4.3 billion on accusations of violating AML laws and working without registration.

American prosecutors have criticized Bonnes for its indlatient approach to illegal activities, including failure to report more than 100,000 suspicious transactions.

This month, the United States Supreme Court allowed a lawsuit against Binance, which included investors who claim that the stock exchange was sold unregistered symbols that later declined in value.

In addition, last month, corporate monitoring in Australia filed a lawsuit against local derivatives in Binance due to a poor classification of retail customers as wholesale agents, and depriving them of consumer protection.

Binance exchange encodes facing the money laundering probe in France “was originally created and published by International electronic paymentsThe brand owned by Globaldata.

Information on this site was included in good faith for public media purposes only. It is not intended to reach the advice that you should depend on, and we do not provide any representation, guarantee or guarantee, whether it is explicit or implicit in relation to accurately or completing it. You must have a professional or specialized advice before taking any action based on the content on our website.