Cryptocurrency exchange Binance has come under scrutiny from governments in multiple countries in recent years, with authorities in France launching the latest legal challenge.
On Jan. 28, authorities in France reportedly opened an investigation into the exchange over allegations of money laundering and tax fraud. The money laundering is reportedly associated with drug trafficking. The investigation is looking into a period between 2019 and 2024 but is not limited to France and will include all European Union countries.
It is not the first time Binance has been in the crosshairs of the French government. The country has been examining the company’s activities since 2022, with the exchange reportedly failing to have adequate Know Your Customer procedures to check on users and possible money laundering activity.
A Binance spokesperson told Cointelegraph that this latest challenge is a continuation of a legal probe dating back years:
“Binance is deeply disappointed to learn that JUNALCO, a Paris division of the French Public Prosecutor’s Office, has taken the decision to refer this matter, which is several years old, to the French judiciary for further investigation.”
“While we do not usually comment on legal proceedings as a matter of policy, Binance fully denies the allegations and will vigorously fight any charges made against it,” the exchange added.
According to data compiled by Cointelegraph, Binance has faced authorities in at least 10 countries between 2021 and 2025, with allegations ranging from violation of Anti-Money Laundering (AML) laws to unregistered operations.
Related: Binance updates crypto rules in Poland to meet new MiCA requirements
Between 2023 and 2024, the exchange ran into problems with at least six nation-state governments: Australia, Belgium, Canada, India, Nigeria and the United States. The most high-profile case took place in the US, where Binance agreed to pay the government $4.3 billion for violating local AML laws and operating as an unregistered money transmitter.
Binance CEO Richard Teng told Cointelegraph that there were “gaps in compliance” as the team scaled from six members to eventually thousands, and its user base grew to more than 166 million as of December 2023. Teng considers these “historical issues” and said that user funds, security and safety remain “sacrosanct.”
Binance is the world’s largest crypto exchange by trading volume. According to CoinGecko, the platform processed over $21 billion in digital asset trades on Jan. 27 alone.
By November 2024, the exchange had increased its compliance team to 645 full-timers, a 34% rise in headcount. The move was part of its “intensified commitment to regulatory adherence” and “ongoing transformation” since its settlement with the US government in 2023.
Binance’s spokesperson noted that its advances in Anti-Money Laundering and compliance have already been recognized by leading authorities, including the Financial Crimes Enforcement Network (FinCEN), the US Department of Justice and the Office of Foreign Assets Control (OFAC).
Related: Binance Labs rebrands, dives into AI as CZ returns as mentor