- Binance has collaborated with a government to solve a crypto money laundering case.
- The development follows a similar collaboration in India on May 1.
- Binance said it will continue collaborating with law enforcement to promote a safe crypto industry.
The world’s largest crypto exchange by trade volume, Binance, has helped Taiwanese authorities resolve a criminal case involving illegal operators who allegedly facilitated scam groups’ laundering of millions through crypto.
The development comes after the crypto exchange collaborated with Indian authorities on May 1 to assist in seizing crypto assets worth about $10 million, linked to a case involving fraudulent online gaming app E-Nugget.
Resolving $6.2M Crypto Money Laundering Case
According to an announcement on May 17, Binance leveraged the expertise of its Financial Crimes Compliance (FCC) department to gather intelligence and provide “crucial insight” that helped Taiwanese authorities “detect potential suspects more effectively.”
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“Upon request, Binance cooperated promptly, establishing a cross-border online meeting with the investigating officers and prosecutors, where Binance's seasoned FCC teams furnished valuable recommendations based on cryptocurrency flow analyses,” the announcement read.
The investigation’s findings unraveled an intricate web of illegal service providers who allowed fraud groups to launder money through crypto on their platforms. The groups allegedly used fake remittance proofs, customer conversation records, and falsified identity verification data “to appear legitimate.”
Following the revelation, the Taipei District Prosecutors Office indicted nine suspects and charged them with three counts, including aggravated fraud, violation of organized crime prevention regulations, and violation of the Money Laundering Control Act.
Commenting on the matter, Prosecutor Lo Wei-Yuan lauded Binance’s “active and ongoing collaboration” with Taiwanese authorities, underscoring the exchange’s commitment to counter financial crimes and foster a safe crypto industry.
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