French Investigators Launch Probe Into Charges Against Binance

Highlights

French investigators have launched a judicial probe into charges against the crypto exchange Binance.
These charges include money laundering, tax fraud, drug trafficking, among other ones.
Binance has yet to release a statement regarding this development.

Crypto exchange Binance is at the center of an investigation following reports that French investigators have launched a judicial probe into charges against the exchange. This continues the long-running saga between the crypto exchange and the French government following reports of a preliminary investigation by the authorities.

French Investigators Launch Judicial Probe Into Charges Against Binance

According to a Reuters report, French investigators announced today that they have opened a judicial probe into charges against Binance. These include money laundering, tax fraud, drug trafficking, and other charges against the top crypto exchange.

This continues a saga that dates back to 2023, when the French authorities first announced an investigation into Binance for providing illegal crypto services to locals and failing to implement a proper anti-money laundering framework. After facing significant regulatory pressure, the crypto exchange eventually had to exit the French market last year.

Binance also faced similar charges in the US when prosecutors accused the exchange and its then CEO, Changpeng “CZ” Zhao, of violating anti-money laundering and sanctions laws.

Binance has yet to release a statement regarding the latest move of French investigators into money laundering and other charges leveled against the crypto exchange.

Meanwhile, the Binance Coin (BNB) remained unchanged following news of this judicial price, trading at around $670 at the time of writing. Per a CoinGape market analysis, the coin had tested a crucial support at $661. Now, the crypto is eyeing a potential rally to $1,147 based on a cup-and-handle pattern, which signals bullish momentum.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand. Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing. Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.

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