French investigators have launched an investigation into cryptocurrency giant Binance, according toReuters.

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The leading cryptocurrency trading platform is reportedly being probed for money laundering, tax fraud, as well as other illicit activities.

Back in 2023, the Paris prosecutor's office said that the exchange was under a preliminary investigation related to money laundering violations.

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The exchange registered with the country's crypto regulator back in May 2022.

New shareholders

Changpeng Zhao, the former Binance CEO, used to be the sole shareholder of Binance France, the local subsidiary of the crypto giant. Last May, he was replaced by two new shareholders.

The fact that Zhao was the sole owner of Binance France would have prevented the exchange from operating in the country. Under French law, criminals cannot be majority shareholders.

In late 2023, Binance reached a $4.3 billion settlement with U.S. prosecutors after pleading guilty to violating sanctions and anti-money laundering laws. Zhao also stepped down from his top job before serving several months behind bars last year following his criminal conviction.