Commissioner Wang Hongwei questioned Binance
In response to Zombit’s previous reports, legislator Wang Hongwei questioned Deputy Minister of Justice Xu Cixiang at the Finance Committee and said that Binance has been named by local regulatory authorities in the United States, Canada, India and other countries for violating money laundering-related laws and regulations, and international sanctions have continued, but Taiwan Legal Affairs However, the Ministry of Finance chose to cooperate with Binance, which has committed money laundering crimes, to teach Taiwan law enforcement agencies how to prevent and control money laundering. Wang Hongwei criticized such behavior as helping the exchange to launder its name.
Binance responds to legislators’ questions
In response to questions from Taiwanese legislators, Binance clarified to Zombit that Binance has never been punished for fraud or fraud, and Binance has been actively cooperating with law enforcement agencies in various countries to promote the sound development of the virtual asset industry. Binance stated:
“In response to external doubts about Binance’s cooperation with Taiwan’s law enforcement agencies, it needs to be clarified that Binance has never been punished for fraud or fraud. On the contrary, Binance actively cooperates with law enforcement agencies around the world and continues to strengthen its cooperation with law enforcement agencies around the world. Improve the platform’s compliance plan to protect the security of user assets and promote the sound development of the virtual asset industry.”
Emphasis on the global law enforcement training program as a "global program"
On the other hand, Binance also emphasized that the global law enforcement training program it implements is a "global program" with the goal of helping global law enforcement officers understand blockchain and virtual asset-related knowledge and improve law enforcement officers' case-handling skills. In 2023, the Binance team has held more than 120 physical and online training courses around the world, including Taiwan, and has relevant cooperation experience in South Korea, Australia, Thailand, the European Union and Latin American countries, and has also gained extraordinary experience in the law enforcement community. Positive feedback.
Cooperation is indispensable when investigating fraud cases
On the other hand, in the investigation of virtual asset cases, since centralized exchanges have the identity verification and account information of customers, close public-private cooperation is indispensable for case investigation, and it is also a common practice among international cooperation. As for Binance, the exchange actively cooperates with global law enforcement agencies in handling cases, taking measures including providing suspicious transaction information, substantiating and requesting funds, freezing, seizure and transfer, etc., and has played a key role in many major international and transnational criminal cases. For example, Binance earlier assisted Taiwanese law enforcement agencies to uncover a money laundering case involving nearly 200 million yuan, or it previously assisted Dutch law enforcement agencies to recover millions of euros involved in fraud. Binance also promises that it will, as always, actively respond to and assist law enforcement officials in their enforcement requests. Finally, Binance emphasized:
"Binance has the strongest anti-money laundering and anti-terrorism compliance program in the industry, and is recognized by many international jurisdictions. Currently, Binance has obtained supervision licenses in 18 different jurisdictions around the world, which is the first in the industry. Most licensed exchanges.
This article was singled out and criticized by Taiwanese legislators, and Binance Exchange responded directly. It first appeared on Zombit.
