Binance Assists Taiwan Law Enforcement in Solving Major Cryptocurrency Cases Involving Nearly NT$200 Million

Binance’s Financial Crimes Compliance department worked with the Taiwan Ministry of Justice’s Investigation Bureau and the Taipei District Prosecutors’ Office to solve a major criminal case involving the use of virtual assets for money laundering, with the amount involved reaching NT$200 million.

According to media reports, this criminal group has long assisted fraud groups in using virtual assets to launder money. The group prepared false customer conversation records, remittance certificates, KYC information, etc., and let its drivers pretend to be individual currency traders to evade the pursuit of the police. However, the law is long, and the police and prosecutors have obtained multiple currency flow data through unremitting investigations, and have obtained evidence and funds from relevant parties including Binance.

After receiving the law enforcement request, Binance immediately held an online cross-border meeting with the investigation bureau personnel and prosecutors handling the case to discuss the investigation methods. After understanding the relevant case, Binance's financial crime compliance team, which has rich experience in case investigation, gave suggestions based on the relevant currency flow analysis, assisted in narrowing the scope of investigation, and provided relevant intelligence to facilitate subsequent investigations by law enforcement agencies.

Currently, Luo Weiyuan, the prosecutor of the Taipei District Prosecutors' Office who is in charge of investigating this case, has indicted a total of 9 suspects related to this case last month on suspicion of aggravated fraud, violation of the Anti-Money Laundering Act and the Prevention of Organized Crime Act.

Luo Weiyuan said, “I would like to thank Binance for its long-term cooperation with Taiwan’s law enforcement agencies and for providing professional assistance and important intelligence in this case, which enabled the investigation team to further unravel the crime and piece together the full picture of the crime, and ultimately bring the suspect to justice.”