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# Binance Faces Examination in France Amid Claims of Fiscal Dishonesty
Following a preliminary investigation in 2023, crypto giant Binance is once more under the microscope of French officials.
According to a story published on Tuesday, January 28 by Reuters, the inquiry might also include other unrevealed accusations. French attorneys have officially started a legal investigation into Binance’s purported wrongdoings, including fiscal dodging, illicit funds movement, and even narcotics commerce.
Indeed, the worldwide examination of crypto platforms has grown stronger in 2023, especially after several prominent failures, most notably the downfall of FTX. Users have been doubting the operations of virtual asset trading sites, and regulators are doing likewise.
While Coinbase has fought back with its own legal justifications, Binance reached a landmark agreement with the Justice Department, agreeing to pay a massive $4.3 billion in fines, along with compliance improvements and leadership changes. However, the SEC’s case against the largest centralized platform is still underway.
This investigation could be an expansion of an earlier inquiry started by French officials in 2023, primarily focusing on the platform’s suspected part in enabling unlawful financing activities and illicit funds movement, among other claimed violations.
During this time, the SEC, the Justice Department, and other agencies started legal actions against major participants like Binance, Coinbase, and several other crypto operators. While France and other jurisdictions have also started investigations, U.S. attorneys have spearheaded most crypto-related lawsuits.
Binance founder Changpeng Zhao resigned as CEO, clearing the path for Richard Teng to take over as the company’s leader. Zhao also spent four months in prison and was freed at the close of 2024.
