Binance Helps Taiwan to Resolve $6.2M Crypto Fraud Case

Binance provides “crucial insight” to help Taiwanese authorities resolve a multimillion-dollar crypto money laundering case.

Digital Binance detective posing for the camera infront of a Taiwan skyline.
Created by Gabor Kovacs from DailyCoin
  • 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.”


“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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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.