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Automobile CEO on French Binance investigation: There's a 'war going on against crypto, against Bitcoin, Binance'

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Automobile CEO on French Binance investigation: There's a 'war going on against crypto, against Bitcoin, Binance'
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Franco Righi, Founder & CEO of Modena Automobili Srl | LinkedIn

Franco Righi, Founder and CEO of Modena Automobili Srl, has commented on the ongoing investigation into Binance, stating that it is part of a broader conflict against cryptocurrencies, including Bitcoin and Binance itself. This statement was made on X on January 28.

“There’s literally a war going on against crypto, against Bitcoin, Binance, CZ,” Righi said. “And it all has to do with digital currencies or CBDCs vs. Bitcoin. Tyranny vs. Freedom.”

Righi's post referred to the judicial investigation initiated by French authorities into Binance. The probe examines allegations of money laundering, tax fraud, and other charges. Binance has denied these allegations, asserting that it has made significant advancements in anti-money laundering (AML) and compliance practices. The company claims to have adopted global standards for Know-Your-Customer (KYC) checks and improved employee training. According to Reuters, Binance remains committed to cooperating with regulators and maintaining its operational integrity.


Righi's X post | https://x.com/FrankRight63/status/1884242089178964158

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The French Senate recently approved its 2025 budget, which includes an "unproductive wealth" tax targeting digital assets such as Bitcoin. If enacted, this measure would impose an annual tax on unrealized gains from cryptocurrencies. This means holders would be taxed on the increased value of their assets even if they had not sold them, as per the senate website.

In October 2024, TD Bank agreed to pay approximately $3 billion in penalties to U.S. authorities after pleading guilty to conspiracy to commit money laundering. The settlement addressed the bank's failure to implement adequate AML controls over nearly a decade, allowing criminal organizations to launder significant sums through its accounts. However, according to the Office of Public Affairs, only one former regional employee was arrested.

According to his LinkedIn profile, Righi is the founder and CEO of Modena Automobili Srl, a company specializing in the restoration and modernization of classic vehicles. He holds an MBA in finance and economics from the University of Tampa and has over 30 years of experience in corporate finance, administration, and organizational management across multiple industries.

Binance was founded in 2017 and is recognized as the world's largest cryptocurrency exchange by daily trading volume. It offers services such as spot trading, staking, and blockchain project support. In recent years, Binance has invested in anti-money laundering measures like enhanced KYC protocols and advanced transaction monitoring systems to strengthen compliance with global regulatory standards.

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