French authorities have initiated a judicial investigation into Binance, the world's largest cryptocurrency exchange, over allegations of money laundering, tax fraud, and drug trafficking. The probe, which began on January 28, 2025, examines activities from 2019 to 2024 involving offenses in France and across the European Union. Binance has denied these allegations and expressed disappointment over the ongoing scrutiny, as reported by the Financial Times.
"Drug trafficking for Binance? What is this madness," said Charles Dacquay, Business Founder. "We need to get out of this country."
According to the Financial Times, France was among the first European nations to grant regulatory approval to Binance in 2022. This allowed the exchange to offer digital asset services within the country as part of President Emmanuel Macron's strategy to establish France as a hub for technological innovation and financial services. The current investigation represents a notable change in the regulatory landscape that initially embraced Binance's operations.
Clay Earth reports that Charles Dacquay is the CEO of The AI Project, an artificial intelligence and productivity-focused company based near Paris. Dacquay has a substantial LinkedIn following with over 14,000 followers and is actively engaged in training sessions on using AI to enhance efficiency, save costs, and improve work-life balance.
Founded in 2017 by Changpeng Zhao, Binance has rapidly ascended to become the leading cryptocurrency exchange globally by trading volume. The platform offers various digital asset services such as trading, lending, and staking. In 2023, Binance increased its compliance investment by 35% to $213 million to bolster its regulatory framework through an expanded compliance team and advanced AI-driven monitoring systems, according to The Wall Street Journal.