In a latest development, French investigators have opened a judicial probe into money laundering, tax fraud, drug trafficking and other charges against crypto platform Binance as reported by Reuters. 

The investigation into Binance by French authorities dates back to 2023, when they first accused the exchange of offering illegal crypto services and lacking an adequate anti-money laundering framework. Facing mounting regulatory pressure, Binance was forced to exit the French market last year.

This move by the French regulators highlights the growing scrutiny that cryptocurrency platforms are facing from regulatory bodies worldwide. This is part of a larger trend where global regulators are ramping up their efforts to enforce stricter compliance with financial laws and crack down on illicit activities that can be facilitated through crypto platforms.

Binance has already faced regulatory challenges in multiple countries, this development could be a significant test of its resilience. The exchange has been a dominant player in the crypto space, with millions of users and a vast array of services, from trading to staking and even offering derivatives. Despite facing challenges, Binance has managed to keep operating by adjusting its services to meet local laws. However, this new investigation could lead to even more pressure from regulators.

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