Binance is collaborating with Taiwan to resolve a multi-million dollar cryptocurrency money laundering case
Binance, the world’s largest cryptocurrency exchange, has teamed up with Taiwan’s Ministry of Justice and the Taipei District Prosecutors Office to address a major case involving money laundering through cryptocurrency. The investigation involved nearly NT$200 million (approximately $6 million) in illicit funds.
Binance played a crucial role in the investigation through its Financial Crime Compliance (FCC) unit, which provided expertise and shared information. This collaboration helped law enforcement agencies identify and prosecute the perpetrators.
The criminals employed various tactics, such as falsifying customer conversation records, transfer evidence, and identity verification data to create the appearance of legitimate transactions. However, their actions did not go unnoticed. Law enforcement was able to track and monitor suspicious cryptocurrency transactions by requesting relevant information from Binance.
According to Prosecutor Lo Wei-Yuan of the Taipei District Prosecutors Office, Binance’s active cooperation with Taiwanese law enforcement was instrumental in the successful resolution of the case. Damien Ho, Binance’s representative in the Asia-Pacific region, emphasized that the company is committed to combating financial crimes and protecting the integrity of the Web3 ecosystem.
