Binance founder Changpeng Zhao Warns France Is “Going Downhill” Amid Crypto Kidnappings

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Changpeng Zhao (CZ), the former CEO of Binance, has raised concerns about the state of France, saying the country has gone “downhill” in recent years. His remarks highlight growing unease around rising security risks, high-profile arrests, and increasing pressure on the crypto industry within the European Union’s second-largest economy.

Rising Crypto Kidnappings

One of CZ’s biggest concerns stems from the wave of cryptocurrency-related kidnappings that have gripped France. Earlier this year, Ledger co-founder David Balland was abducted from his home, with kidnappers demanding a €10 million ransom. Balland’s ordeal turned violent, with his captors severing one of his fingers before French security forces intervened.

The troubles didn’t stop there. In May, the father of a cryptocurrency millionaire was taken hostage, while in a separate incident, masked attackers attempted to abduct the daughter of Paymium CEO Pierre Noizat along with her child. Authorities have since charged around 25 people linked to these crimes and have rolled out new security protocols for crypto professionals.

High-Profile Arrests Add to Tensions

Beyond kidnappings, France also drew international attention after the controversial arrest of Telegram CEO Pavel Durov in August. The move sparked debate about regulatory overreach in Europe and raised questions about the balance between law enforcement and privacy in the digital age.

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Adding to the tension, French regulators launched a probe into Binance itself in early 2025, signaling that scrutiny of the crypto industry remains intense. For CZ, these developments paint a picture of a nation struggling with both crime and regulation in the digital asset space.

Notre-Dame Reopens Amid Criticism

Interestingly, CZ’s comments came just as France celebrated the reopening of Notre-Dame’s twin towers. The restoration followed the devastating fire of 2019, with Binance among the early donors to the project. While CZ praised the reopening, saying he was glad to see the landmark restored, his overall tone remained cautious. He expressed hope that such cultural milestones could contribute to a safer and more united France, even if only in a symbolic way.

France’s dual reality is hard to ignore, on one hand, a proud moment with the restoration of one of Europe’s most iconic landmarks, and on the other, an unsettling wave of kidnappings and regulatory uncertainty. CZ’s critique underscores how intertwined crypto’s future has become with broader issues of governance, security, and trust in France’s role as a European leader.