Binance is working with the Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office to crack a big case of money laundering using cryptocurrencies. A press release sent to CryptoNews says the case includes illegal funds worth about $6 million, or nearly NT$200 million.
Binance’s help in catching the crooks, using the knowledge and information shared by its Financial Crimes Compliance (FCC) Department, was very important. The research showed that the criminal group had been helping scam groups launder money for a long time by using virtual assets. The thieves used a variety of tricks, such as making fake records of conversations with customers, proofs of money transfers, and name verification data, to make it look like the transactions were real. But finally, the police found out what they were doing.
Binance’s Swift Response Aids in Money Laundering Investigation
Authorities tracked and watched suspicious cryptocurrency trades and asked different companies, including Binance, for information. The exchange said, “As soon as Binance got the request, they acted quickly and set up a cross-border online meeting with the investigating officers and prosecutors to talk about how they could work together.” The FCC teams at Exchange used crypto flow studies to give their thoughts and suggestions, which helped narrow down the list of possible suspects.
The case was overseen by Prosecutor Lo Wei-Yuan from the Taipei District Prosecutors Office. Last month, nine suspects were charged with aggravated theft, breaking the Money Laundering Control Act, and breaking rules meant to stop organized crime.
Month. Prosecutor Lo Wei-Yuan thanked Binance for working with them and said that Binance is “actively and ongoingly working with Taiwan’s law enforcement agencies.”
Damien Ho, who works for Binance’s Asia-Pacific (APAC) team, said Exchange is committed to fighting financial crime and keeping the Web3 environment safe. “We will keep working toward this goal and strengthen our ties with law enforcement worldwide,” Ho said.
In related news, Exchange recently registered with India’s Financial Intelligence Unit (FIU-IND), which means it is back in the country after getting past legal problems. Exchange also got a license from the Virtual Assets Regulatory Authority (VARA) in Dubai. This lets it serve individual, approved, and institutional customers. Bloomberg says that as part of the licensing process, Changpeng Zhao, the founder and former CEO of Binance, gave up vote control of the Dubai unit.
Binance also opened a joint venture cryptocurrency exchange in Thailand earlier this year. It was called Exchange Thailand (Binance TH), and it was run by Gulf Innova, a division of Gulf Energy Development. With trade pairs in the Thai baht, Exchange TH lets you buy and sell digital assets.
Even though Exchange has grown worldwide, it is being closely watched by regulators. Last year, the U.S. Commodity Futures Trading Commission (CFTC) charged Exchange with running an illegal digital asset derivatives market and breaking federal laws. In the same way, the U.S.
The Stocks and Exchange Commission (SEC) charged Binance Holdings LTD and its former CEO, Changpeng Zhao, with running unlicensed exchanges, broker exchanges, clearing houses, and selling and buying stocks without a license.
Binance’s proactive approach in helping Taiwanese police with the money laundering case shows its dedication to regulatory compliance and working with governments worldwide, even though it still has to deal with complicated regulatory settings in its global operations.
