Nathalie Yamb, an executive advisor for an Ivory Coast presidential candidate, has commented on the legal challenges faced by tech leaders who were attracted by President Emmanuel Macron’s ‘Choose France’ initiative. Her statement was made on X on January 28.
“Judicial investigation in France against Binance,” said Yamb. “these tech bosses/companies who let themselves be lured by Macron and his fool’s trap.”
Yamb’s remarks came in response to news about French authorities launching a judicial investigation into Binance over allegations of money laundering and tax fraud. Binance has denied these allegations, emphasizing its advancements in anti-money laundering (AML) compliance, Know-Your-Customer (KYC) protocols, and regulatory cooperation.
In 2008, Société Générale, one of France’s largest banks, reported a €4.9 billion loss due to unauthorized trades by junior trader Jérôme Kerviel. Although Kerviel was convicted and sentenced to prison, the bank faced criticism over its internal controls but did not receive significant penalties from French regulators. This incident highlighted potential disparities in accountability within the financial sector, according to Reuters.
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 and enhancements to AML measures as well as the implementation of wallet segregation and proof of reserves (PoR). These improvements were noted before Binance’s settlement with the U.S. government in November 2023.
Yamb is a Swiss-Cameroonian political activist known for her outspoken criticism of French influence in Africa. She has served as an adviser to Ivory Coast’s opposition leader Kemi Seba and is often referred to as the “Lady of Sochi” for her participation in the Russia-Africa Summit in 2019.
Binance, established in 2017 by Changpeng Zhao, has grown into one of the world’s largest cryptocurrency exchanges with global services. According to The Wall Street Journal, in 2023, the company significantly bolstered its compliance efforts by investing approximately $213 million in its compliance programs—a 35% increase from the previous year. This investment underscores Binance’s commitment to enhancing its KYC and AML protocols to strengthen regulatory compliance and operational transparency.
