Kenneth Lagunilla, a staff member at TCG World, said that Binance has been making efforts to comply with regulations. However, scrutiny from French authorities continues as the company faces an investigation. The statement was made on X on January 28.
“Seems like Binance is really putting in the effort to comply, but the scrutiny continues,” said Lagunilla. “It’ll be interesting to see how this plays out in court. Binance is innocent!”
Lagunilla’s post was in response to a Cointelegraph update about French authorities escalating their investigation into Binance over alleged money laundering and tax fraud. Binance has denied the allegations, mentioning its investments in compliance, including anti-money laundering (AML) measures, Know-Your-Customer (KYC) protocols, and regulatory cooperation.
The French Senate recently approved the 2025 budget, introducing an “unproductive wealth” tax that applies to digital assets like Bitcoin. According to the Senate website, the measure would impose an annual tax on unrealized cryptocurrency gains, taxing holders on the increased value of their assets even if they have not sold them.
According to Globe Banner, in 2024, Binance received recognition from U.S. government agencies for strengthening its compliance program. The U.S. Financial Crimes Enforcement Network (FinCEN) acknowledged Binance’s restructuring of its compliance governance, enhancements to AML measures, and implementation of wallet segregation and proof of reserves (PoR). These improvements were noted in the lead-up to Binance’s settlement with the U.S. government in November 2023.
Lagunilla is a staff member at TCG World, a blockchain-based virtual world where players can own digital assets, explore, and participate in the metaverse economy. With a background in marketing and social media, he focuses on Web3 adoption, NFT integration, and virtual advertising. Lagunilla has been active in the blockchain gaming space since 2021, promoting TCG World’s play-to-earn ecosystem and metaverse expansion.
Binance was founded in 2017 by Changpeng Zhao and Yi He as the world’s largest cryptocurrency exchange by daily trading volume according to their website. The platform provides services including spot and futures trading, staking, lending, and a launchpad for blockchain projects. Binance also offers educational resources, a venture arm for Web3 startups, and a crypto-to-fiat payment card.
