Looks like every country now are milking binance...

[X-ray]

It's sad to see that, there was almost none regulation in 2019, in France and Europe, so I don't really understand what they are looking for to be honest.

binance become too big now it's attracting attention of governments, but at least this will give a legal framework for other exchange to work with as to not unknowingly break the law and ended up in the state in which binance is in right now.
but pretty much binance is a really big company so its existence alone will attract attention, but as OP described, and I do have the same opinion as well, it will end in settlement.
I don't expect it will affect binance that much but it's always better to keep our money in our own wallet.

[Sanitough]

It's sad to see that, there was almost none regulation in 2019, in France and Europe, so I don't really understand what they are looking for to be honest.

That's why people say they're milking Binance because they're digging up old transactions and finding new ways to make money. Sometimes the government is pretty clever too. They don't rush in; they wait until an exchange gets big before they start enforcing the law.

[davis196]

Why should we even care about a big crypto company? To me, the big crypto companies are no different than the big fiat banks.
If Binance did something against the French law, they should pay the fines and move on. The year is 2025. Why so many people are still using centralized exchanges? Probably the main reason is convenience, but at the same time, I've seen many negative reviews about Binance on Trustpilot. Many people hate that platform, but at the same time, millions of crypto users are actively trading on Binance.
Anyway, I couldn't care less about Binance and it's problems.

[Smack That Ace]

It's sad to see that, there was almost none regulation in 2019, in France and Europe, so I don't really understand what they are looking for to be honest.

binance become too big now it's attracting attention of governments, but at least this will give a legal framework for other exchange to work with as to not unknowingly break the law and ended up in the state in which binance is in right now.
but pretty much binance is a really big company so its existence alone will attract attention, but as OP described, and I do have the same opinion as well, it will end in settlement.
I don't expect it will affect binance that much but it's always better to keep our money in our own wallet.

Although Binance is still the largest exchange on the market but their market share has dropped significantly since being sued and fined by the US Department of Justice. If I remember correctly their market share has dropped from 70% to 46%, they are not as big as before.
One thing that people have overlooked is that even though CZ is no longer the CEO, but he still holds over 90% of Binance's shares and there are rumors that many forces want CZ to sell his shares back to them. I think this is why Binance was constantly targeted by US and European government agencies, and this only ended when CZ sold most of his shares.

Investigations and lawsuits like this would immediately disappear if Blackrock or any US financial institution held a majority stake in Binance, IMO.

[ancafe]

For sure, there will be a lot of violations found, and I’m pretty sure the French government is just trying to follow what the U.S. did in investigating Binance.

No jail time here for sure as Binance has more than enough resources to handle this. So most likely, we’re looking at another billion-dollar settlement, maybe even more.

There is always a bargaining chip on the table and if the case is not in the realm of criminal violations then there will be a possible agreement for both parties to settle. In my country, we also used to face regulatory problems but slowly it was resolved because of the good intentions of Binance in resolving the problem. We know that all of this is nothing more than a matter of money and sometimes it is not only about money but there are other motives as an effort to cooperate that is desired.

In the end we will see them trying to offer cooperation because there are many benefits that can be obtained through the exchange and that is exactly what makes policies to smooth their steps as an effort to gain profit from the company as has happened before for several countries regarding the exchange.

[stadus]

There is always a bargaining chip on the table and if the case is not in the realm of criminal violations then there will be a possible agreement for both parties to settle. In my country, we also used to face regulatory problems but slowly it was resolved because of the good intentions of Binance in resolving the problem. We know that all of this is nothing more than a matter of money and sometimes it is not only about money but there are other motives as an effort to cooperate that is desired.

In the end we will see them trying to offer cooperation because there are many benefits that can be obtained through the exchange and that is exactly what makes policies to smooth their steps as an effort to gain profit from the company as has happened before for several countries regarding the exchange.

It looks like we'll see a similar setup as in the US. When it comes to issues like money laundering, exchanges tend to settle with penalties especially if there’s no intentional wrongdoing. What I'm noticing here is just a lack of proper implementation of policies in these jurisdictions. Probably, it's because Bitcoin wasn't that popular before, so the laws weren't enforced as strictly, but then, ignorance of the law is not an excuse, so Binance will have to face the consequences of their actions.

[AmoreJaz]

It's sad to see that, there was almost none regulation in 2019, in France and Europe, so I don't really understand what they are looking for to be honest.

That's why people say they're milking Binance because they're digging up old transactions and finding new ways to make money. Sometimes the government is pretty clever too. They don't rush in; they wait until an exchange gets big before they start enforcing the law.

Then, the reference should be their current laws or policies or the policies within that period. They should look at the applicability of the penalty. Binance have their lawyers so of course, they would not just nod or accept whatever is thrown to them. Definitely, they are also thinking not only these authorities.

Right now, this article outlined the countries which are accepting binance and those countries which banned binance. I can say, binance offers a lot of financial services where you can't easily access from traditional banking method. Just like the fixed and flexible savings  - even with small amount, you can already participate in this financial service.

Binance’s Supported and Banned Countries in 2024

[X-ray]

Investigations and lawsuits like this would immediately disappear if Blackrock or any US financial institution held a majority stake in Binance, IMO.

honestly agreed with this opinion.

if binance really want to be free from all these problem CZ should reduce that shares, but I guess he won't, the fact that he still holds 90% means he's making sure to keep all those share.
but we'll see how binance gonna face many lawsuits across various country, what I know is that, they got many subsidiary local exchange in many country where they can't operate. maybe they gonna do the same thing to more countries.

[KovaBTC]

This isn't the first time binance has faced regulatory challenges but the EU wide scope of this investigation makes it unique. Previous settlements in the US have shown that authorities are willing to impose multi billion  dollar fines rather than shutting down operations entirely. The outcome of this case could determine whether similar enforcement strategies will be adopted by European regulators in the future

[MaxLevCoin]

Binance's response to this probe will be crucial in determining its long term strategy in Europe. If they opt for a settlement, it could signal a shift toward stricter compliance measures, possibly influencing how other crypto firms structure their operations. However, if they challenge the accusations, it could lead to prolonged legal battles that disrupt their service in key European markets.

[Hazink]

It's sad to see that, there was almost none regulation in 2019, in France and Europe, so I don't really understand what they are looking for to be honest.

That's why people say they're milking Binance because they're digging up old transactions and finding new ways to make money. Sometimes the government is pretty clever too. They don't rush in; they wait until an exchange gets big before they start enforcing the law.

When a business is still starting, they will be overlooked by government agencies because there is little to nothing that they can achieve from the exchange if they approach them at that point in time, so they have to wait until the exchange makes a name for themselves and has a big market, which they won't want to lose, so that if they are being fined for how big they have become, they can pay a much larger fine as much as they can and also agree to some regulatory terms since they will want to retain the customers they have gained over the years of building up that business and trust.

[nomenclatur]

in the recent news, "French investigators open fraud probe against crypto platform Binance"..

https://www.reuters.com/technology/french-investigators-open-money-laundering-probe-against-crypto-platform-binance-2025-01-28/

So this will be the period that they will be investigating,

The investigation is examining the period from 2019 to 2024, involving offences committed in France but also in all European Union countries, JUNALCO said.

For sure, there will be a lot of violations found, and I’m pretty sure the French government is just trying to follow what the U.S. did in investigating Binance.

No jail time here for sure as Binance has more than enough resources to handle this. So most likely, we’re looking at another billion-dollar settlement, maybe even more.

Permits in each country are different; many countries agree because of tax revenues or the kindness of the people, so that they are not deceived by investments that ensure the security of their money. Therefore, many countries are considering licensing exchanges, such as Binance. The United States, for instance, continues to tighten regulations on exchanges and investigate matters that are important for its citizens, ensuring they are not involved in money laundering cases and, of course, that it is safe for everyone there.

[Zanab247]

You are right op, because something like this happened in my country some years back, that made the government agencies to arrest some of the top binance officials for not following due process in the country and they are still investigating binance to know the people that make use of the exchange in the country. Once this country succeed to get massive money from binance in this investigation, other countries will follow the same step to raise the same issues against binance in their country and binance official will agree for their demand  when they find positive results from the investigation because they want crypto users to be using their exchange to trade BTC and crypto.

If the french government agencies are not careful, they will not achieve positive result from the investigation because some top government officials use to be involved in binance exchange, and it will be difficult for them to allow thorough investigation to be done because they know it will expose so many things that will make them to lose their government job.

[ancafe]

It looks like we'll see a similar setup as in the US. When it comes to issues like money laundering, exchanges tend to settle with penalties especially if there’s no intentional wrongdoing. What I'm noticing here is just a lack of proper implementation of policies in these jurisdictions. Probably, it's because Bitcoin wasn't that popular before, so the laws weren't enforced as strictly, but then, ignorance of the law is not an excuse, so Binance will have to face the consequences of their actions.

This is not the first time for binance and previously also experienced problems like what happened in the US. It is not wrong with some statements that indeed it was like a extortion that Segaja was carried out and I tend to see this in a small perspective because for a exchange of binance it is impossible for them to ignore the applicable legal rules, unless it is deliberately anchoring in previous mistakes to get money from them. Even if it will be said to be guilty, the legal process can be a reference as a strength in completion.

In fact, permits in each country are different and even tighten the licensing process so that people do not feel deceived by the stock exchange. But for problems in Binance it might no longer talk about fraud caused by the company itself because indeed they have become a big exchange so that doing something like that is impossible.

[dimonstration]

You are right op, because something like this happened in my country some years back, that made the government agencies to arrest some of the top binance officials for not following due process in the country and they are still investigating binance to know the people that make use of the exchange in the country. Once this country succeed to get massive money from binance in this investigation, other countries will follow the same step to raise the same issues against binance in their country and binance official will agree for their demand  when they find positive results from the investigation because they want crypto users to be using their exchange to trade BTC and crypto.

If there’s really a valid crime so why not arrest and fine them? There’s always a due process that involves thorough investigation and evidence finding to prove the case. Binance can escape the trial unharmed if they really don’t do wrong and just operate properly.

The thing is Binance has a lot of malicious actions which is proven when CZ was jailed and step down as CEO.

Even on my country this exchange doesn’t have license to operate here yet they are still accepting residents here despite the ban.

[BenCodie]

Maybe each countries want to get their own share and got amazed on how much money settlement gotten by US to them. For context people could read this here https://www.justice.gov/opa/pr/binance-and-ceo-plead-guilty-federal-charges-4b-resolution

If they can sue Binance to and force them to pay huge amount then this is beneficial to them. To bad that Binance experiencing this situation and I guess this might be the reason of their Bankruptcy.

Don't know how long they can get over with those cases they get and hopefully we will not see Binance will collapsed due to this situation.

I disagree. I believe that Binance have committed so much fraud that they will be sued and penalized by every country until they collapse or are forced out of most countries that do not support them (once they run out of the budget to pay the fines). There's no doubt that budget would be quite large, but it won't last forever if the fines are anywhere near the size that the US gave...not to mention if CZ is able to remain out of custody as a result of all of the new cases too, if they're suing for times where he was the head of the exchange.

[Bushdark]

For sure, there will be a lot of violations found, and I’m pretty sure the French government is just trying to follow what the U.S. did in investigating Binance.

No jail time here for sure as Binance has more than enough resources to handle this. So most likely, we’re looking at another billion-dollar settlement, maybe even more.

Crypto laws in most countries are too complicated and complex that it will become very difficult to obey. Sometimes it is assumed by some crypto industry players that these laws are designed not just to protect citizens from fraud but to milk them through fines. The laws are also targeted at making these firms to be fully under the surveillance of the government. If they keep on using Binance as a cash cow, the exchange might soon declare bankruptcy and customers' funds will be in danger. Let's see how the investigation will end.

Exchange are known for multiple violations and going after them would open more hidden truth about them. Because of their influence and servicses to divert funds and compromise data, the government need to be scrutinizing them because these companies have so much influence to syphone funds and give inappropriate services to their customers. Many of these centralized exchanges are stealing from us and compromising users data without our knowledge. If the government can be strict about this and always checkmate their services with strict regulations, maybe we could see some changes soon.

[nakamura12]

Sometimes the goal is not milking binance but forcing them to fully cooperate in all data and exchange it with governments such as customer data or their tax returns and other data useful to governments.
Judicial levels of a million or several million dollars will not be a problem for binance but many fines may force them to leave the market.

This is what I think when the title said milking binance but I'd say it is kinda the same as what you are saying. In my opinion, this would be like I'll milk the shit out of you as much as I can if you don't cooperate with us. If you did cooperate with us then it's a win-win for us where you can continue your services in our country with no more problems, issues or whatsoever.

[Orpichukwu]

I disagree. I believe that Binance have committed so much fraud that they will be sued and penalized by every country until they collapse or are forced out of most countries that do not support them (once they run out of the budget to pay the fines). There's no doubt that budget would be quite large, but it won't last forever if the fines are anywhere near the size that the US gave...not to mention if CZ is able to remain out of custody as a result of all of the new cases too, if they're suing for times where he was the head of the exchange.

Collapse? I don't think the lawsuits and the fines will get them to that level; they will always find a favourable way to settle with the countries that will come up with any lawsuits against them for the crimes which they have committed in the past, which they could either come to a mutual agreement that will benefit them both, or they will have to leave the country market for peace to reign. This attack could have even been worse if the former CEO were in power, since he has handed over the new administration and might have to wave some things since they were not the ones given commands.

[BenCodie]

I disagree. I believe that Binance have committed so much fraud that they will be sued and penalized by every country until they collapse or are forced out of most countries that do not support them (once they run out of the budget to pay the fines). There's no doubt that budget would be quite large, but it won't last forever if the fines are anywhere near the size that the US gave...not to mention if CZ is able to remain out of custody as a result of all of the new cases too, if they're suing for times where he was the head of the exchange.

Collapse? I don't think the lawsuits and the fines will get them to that level; they will always find a favourable way to settle with the countries that will come up with any lawsuits against them for the crimes which they have committed in the past, which they could either come to a mutual agreement that will benefit them both, or they will have to leave the country market for peace to reign.

Binance has a lot of dark and dirty secrets. How do you think that they made it to the top? With on-chain analysis only getting better and more accurate, more of the dirty secrets will be uncovered, and those dirty secrets span across many, many countries. Even that aside, the charges in the US set precedent for every other country to seek "remuneration" as well for any perceived damages that they had done or enabled. The fine spree probably won't stop, and no firm (no matter how large) can sustain fines in the multi millions, even billions of dollars. Not even Binance. Especially in the event of a market crash as well.

I disagree. I believe that Binance have committed so much fraud that they will be sued and penalized by every country until they collapse or are forced out of most countries that do not support them (once they run out of the budget to pay the fines). There's no doubt that budget would be quite large, but it won't last forever if the fines are anywhere near the size that the US gave...not to mention if CZ is able to remain out of custody as a result of all of the new cases too, if they're suing for times where he was the head of the exchange.

This attack could have even been worse if the former CEO were in power, since he has handed over the new administration and might have to wave some things since they were not the ones given commands.

It makes no difference if he is no longer in power if the charges are for actions that were conducted while he was in power. The change in administration was only to protect Binance going forward, it doesn't protec them for things in the past.