Under Scrutiny: Binance Faces Legal Battles on Multiple Fronts

French prosecutors have initiated a probe into Binance, the largest cryptocurrency exchange, for alleged money laundering and tax fraud. Binance denies these allegations. The investigation spans from 2019 to 2024, involving claims of illegal trading and failures in compliance. Several countries are also pursuing legal actions against Binance.

French legal authorities have commenced an investigation into Binance, the world's largest cryptocurrency exchange, for alleged money laundering, tax fraud, and related charges. Despite vehement denials from Binance, the probe spans European Union countries and scrutinizes activities from 2019 to 2024.

The Paris prosecutor's office, through its economic and financial crime division, stated that the case is linked to money laundering accompanying drug trafficking. Reports indicate that user grievances include loss of funds due to misinformation and Binance's unauthorized trading activities.

Additionally, Binance faces multiple lawsuits and investigations globally. The U.S. Supreme Court has endorsed a proceeding against Binance concerning the alleged illegal sale of unregistered tokens. Regulatory bodies, such as Australia's corporate watchdog, have echoed similar concerns about the exchange's operations.

(With inputs from agencies.)