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Binance Faces French Probe Over Money Laundering, Market Manipulation

Coin WorldWednesday, Jan 29, 2025 3:38 am ET

1min read

Binance, the world's largest cryptocurrency exchange, is facing an investigation by French authorities over allegations of money laundering and market manipulation. The probe comes as part of a broader crackdown on the crypto industry by European regulators, who have been increasingly concerned about the lack of transparency and consumer protection in the sector.

The investigation, which was first reported by Bloomberg, is being conducted by the French Financial Prosecutor's Office (PNF) and the French Anti-Corruption Agency (AFA). The agencies are looking into allegations that Binance has been involved in money laundering, market manipulation, and other financial crimes. The probe is said to be in its early stages, and no charges have been filed against the company or its executives.

Binance has been the subject of regulatory scrutiny in several countries, including the United States, Japan, and the United Kingdom. In 2021, the company was ordered to stop operating in the UK by the Financial Conduct Authority (FCA), which cited concerns about money laundering and consumer protection. Binance has since said that it is working to address these concerns and comply with relevant regulations.

The crypto industry has been grappling with a series of high-profile scandals and hacks in recent years, which have raised questions about the security and stability of the sector. In 2022, the collapse of the TerraUSD stablecoin and the subsequent crash of the broader crypto market highlighted the risks associated with unregulated and unbacked digital assets.

In response to these challenges, regulators around the world have been stepping up their efforts to bring the crypto industry under greater scrutiny. The European Union has been particularly active in this regard, with the Markets in Crypto-Assets (MiCA) regulation set to come into effect in 2023. MiCA will establish a comprehensive framework for the regulation of crypto assets, including requirements for transparency, consumer protection, and market integrity.

Binance has been a vocal critic of the MiCA regulation, arguing that it is too restrictive and could stifle innovation in the crypto industry. The company has also been critical of the European Union's approach to crypto regulation more broadly, arguing that it is too focused on compliance and not enough on fostering growth and innovation.

Despite these challenges, Binance has continued to expand its operations around the world. In 2022, the company announced that it

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