A user on the social media platform X, identified as Johnny, an independent cryptocurrency investor, expressed skepticism regarding the French government's investigation into Binance. He suggested that the probe is motivated by revenue concerns rather than a genuine effort to combat financial fraud. This statement was made on January 28.
"They're just trying to fill the coffers of the MASSIVE government shortfall they have," said , Crypto Investor. "Remember, this is the same government looking to tax retirees who make $2k a month pensions. If they were serious, they would go to the banks FIRST to look for fraud."
According to Reuters, French authorities initiated a judicial investigation into Binance on January 28, 2025. The allegations include money laundering, tax fraud, and connections to drug trafficking. Binance has denied these accusations and announced its intention to challenge the charges.
Reuters also reports that BNP Paribas, France's largest bank, admitted guilt in 2014 for violating U.S. sanctions against countries such as Sudan, Iran, and Cuba. The bank conducted billions of dollars in transactions for these nations between 2004 and 2012, circumventing U.S. sanctions. Consequently, BNP Paribas agreed to pay an $8.9 billion fine—the largest ever for such violations.
Johnny's profile on X indicates he is an independent crypto investor who joined the platform in December 2020. He regularly shares insights on market sentiment, cryptocurrency trends, and financial news with a wide audience of traders and enthusiasts. With over 20,000 posts, Johnny remains an active participant in the online crypto community.
Binance was founded in 2017 by Changpeng Zhao and has quickly become the world's largest cryptocurrency exchange by trading volume. The platform provides various digital asset services including trading, lending, and staking. To improve compliance and regulatory status, Binance invested $213 million in 2023—a 35% increase from the previous year—expanding its compliance team and integrating advanced artificial intelligence systems for enhanced monitoring and efficiency, according to The Wall Street Journal.