French judicial authorities have initiated new investigations into allegations of money laundering, tax evasion, and drug trafficking against the digital currency exchange Binance. The investigations aim to determine whether Binance has facilitated transactions related to criminal networks and provided services before obtaining necessary licenses. France is considered one of Binance’s key markets in Europe. The Paris prosecutor’s office had previously begun investigations into ‘aggravated money laundering’ and providing digital asset services without authorization. In mid-2023, local authorities conducted field inspections and examined suspicious transactions related to concealing income from fraud or organized crime. Ongoing investigations in France may complicate the process of obtaining a license under the MiCA framework. Binance has designated France as its main base in Europe, but these investigations raise questions about governance, anti-money laundering protocols, and user security.
