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Fortune

Ben Weiss

Binance loses footing in Europe as French prosecutors investigate exchange and Netherlands denies license application

Binance SEC Changpeng Zhao Netherlands Fortune United States

Changpeng Zhao, founder and CEO of Binance, at a conference in Lisbon. (Credit: Zed Jameson—Bloomberg/Getty Images)

The maelstrom of legal and regulatory trouble continues to intensify for Binance, the world’s largest crypto exchange.

On Friday, French newspaper Le Monde reported that prosecutors were investigating the company’s branch in France for violating the country’s anti–money-laundering laws. The investigation concerns Binance’s allegedly illegal operations as a digital assets provider as well as “aggravated money laundering,” a spokesperson for the SEJF, the French governmental agency responsible for investigating financial crimes, told Fortune in a statement.

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