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Binance Faces French Probe Amid KuCoin's $300M DOJ Settlement

Coin WorldFriday, Jan 31, 2025 6:01 pm ET

1min read

Binance, the world's largest cryptocurrency exchange, is facing regulatory scrutiny in France amid KuCoin's $300 million settlement with the U.S. Department of Justice (DOJ).

French prosecutors have launched an investigation into Binance over allegations of money laundering and drug trafficking. The probe, which began in 2019 and continued until 2024, is the latest in a series of regulatory challenges for the exchange. Binance has denied any wrongdoing and maintains that the allegations are false.

In a separate development, KuCoin, another major cryptocurrency exchange, has agreed to pay $300 million in fines and forfeiture to the U.S. DOJ. The settlement follows a guilty plea by KuCoin for operating an unlicensed money-transmitting business in the United States. The DOJ cited KuCoin's lack of an effective Anti-Money Laundering and Know Your Customer program as a key factor in its decision.

Meanwhile, business intelligence firm MicroStrategy has proposed a $1.1 billion Bitcoin buy and a new stock offering to raise cash for "general corporate purposes," including plans to acquire more BTC. The company, which already holds 471,007 BTC, has stated its intention to buy the Bitcoin top "forever."

In other news, tokenization protocol Ondo Finance plans to deploy its tokenized US Treasury fund on the XRP Ledger, giving investors access to government bonds that can be redeemed with Ripple's RLUSD stablecoin. The move is part of a broader trend of real-world tokenization of traditional financial assets, with the tokenized Treasury market currently worth more than $3.4 billion.

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