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17/05/24
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Binance Collaborated With Taiwanese Authorities to Uncover a Crime Related to Crypto
On May 17, cryptocurrency exchange Binance revealed its Financial Crimes Compliance (FCC) department’s collaboration with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office to assist with a criminal case of money laundering using virtual assets.
The case involves almost 200 million New Taiwan dollars and Binance’s blockchain expertise and intelligence helped the authorities bring the perpetrators to justice. The perpetrators have been helping scam groups launder money through virtual assets.
They took some actions to legitimize their funds movement, including the creation of fake customer conversation records and remittance proofs, as well as forged identity verification data. These things were to make them look like individual crypto merchants to cover their bad operations.
“Upon receiving the request, Binance responded swiftly and set up a cross-border online meeting with the investigating officers and prosecutors to discuss the collaborative strategy. Binance’s experienced FCC teams provided insights and recommendations based on cryptocurrency flow analyses, thereby helping to narrow down the circle of potential suspects more effectively,” said Binance.
The criminals’ activities were observed by law enforcement agencies, prompting the tracing and tracking of several crypto transactions that seemed suspicious. The agencies asked several stakeholders, including Binance, to provide related data.
“We would like to thank Binance for its long-term active cooperation with Taiwanese law enforcement agencies and for providing professional assistance and crucial intelligence in this case. It allowed our investigation team to further unravel the threads and piece together the full picture of the crime, ultimately bringing the suspects to justice,” said Prosecutor Lo Wei-yuan.
Binance has been helping law enforcement agencies deal with crimes related to cryptocurrency. Last year, Binance submitted an application for registration in Taiwan.
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