Binance, Taiwan authorities dismantle $6.2M money laundering scheme.
Crypto flow analysis by Binance helps identify suspects.
Binance launches training program for law enforcement against cybercrime.
Binance’s financial crimes compliance unit (FCC) collaborated with Taiwanese authorities to dismantle a major money laundering operation involving digital assets. The joint effort, which included the Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office, targeted a scheme worth approximately $200 million New Taiwan Dollars ($6.2 million).
According to Binance, the money laundering scheme involved the use of forged documents, customer call records, proof of payments, and fake identities to evade detection by security agencies. Scam groups exploited these tactics to launder funds through digital currencies.
Binance’s FCC team played a crucial role by providing insights based on cryptocurrency flow analysis, assisting authorities in identifying potential suspects. This collaboration led to the indictment of nine individuals on charges of fraud, money laundering, and organized crime by Prosecutor Lo Wei-yuan of the Taipei District Prosecutors Office.
The successful operation underscores the importance of public-private collaboration in combating financial crimes.
To improve cooperation with global law enforcement agencies, Binance has launched an industry-first training program. Specifically, this initiative will help law enforcement investigate financial and cybercrimes and prosecute offenders.
“Our team recently visited the Changhua Prosecutor’s Office in Taiwan, conducting an in-depth law enforcement training session for over 90 prosecutors. These sessions are part of our broader commitment at #Binance to help law enforcement agencies combat cybercrime worldwide.” Binance stated.
Binance’s 2023 registration with Taiwan’s Financial Supervisory Commission (FSC) and adherence to the Money Laundering Control Act was commended by the regulatory body. This move was seen as a positive step towards reducing virtual financial crime within the country. Additionally, Binance recently conducted a virtual asset law enforcement training program for officers from Taiwan’s Keelung District Prosecutors Office.
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