Binance Teams Up with Taiwan to Resolve Multi-Million Dollar Crypto-Assisted Money Laundering Case
Binance, in collaboration with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office, has successfully resolved a significant case involving cryptocurrency-assisted money laundering. According to Binance’s press release, the investigation focused on illicit funds totaling nearly NT$200 million (approximately $6 million). The exchange played a crucial role in bringing the perpetrators to justice by utilizing its Financial Crimes Compliance (FCC) Department’s expertise and sharing intelligence.
The criminal operation had been facilitating money laundering for scam groups using virtual assets for an extended period of time. The perpetrators employed various tactics, such as creating fake customer conversation records, remittance proofs, and falsified identity verification data, to make their transactions appear legitimate. However, their activities did not go unnoticed, and law enforcement authorities eventually caught up with them.
The police tracked and monitored several suspicious cryptocurrency transactions and sought information from various parties, including Binance. Upon receiving the request, Binance promptly responded and organized an online meeting with the investigating officers and prosecutors to discuss a collaborative strategy. Binance’s experienced FCC teams provided insights and recommendations based on crypto flow analyses, which helped narrow down the circle of potential suspects more effectively.
Last month, Prosecutor Lo Wei-Yuan from the Taipei District Prosecutors Office filed indictments against nine suspects on charges of aggravated fraud, violation of the Money Laundering Control Act, and breach of organized crime prevention regulations. Prosecutor Lo Wei-Yuan expressed gratitude for Binance’s cooperation and highlighted the exchange’s active and ongoing collaboration with Taiwan’s law enforcement agencies.
Damien Ho, a representative of Binance’s Asia-Pacific (APAC) team, emphasized Binance’s commitment to combating financial crime and protecting the integrity of the Web3 ecosystem. The exchange intends to uphold this goal and deepen its cooperation with global law enforcement agencies.
In recent news, Binance successfully registered with the Financial Intelligence Unit of India (FIU-IND), allowing the exchange to operate in the country after overcoming regulatory hurdles. Additionally, Binance obtained a license from Dubai’s regulator, VARA, enabling the platform to serve retail clients along with qualified and institutional ones. The licensing process involved Binance’s founder and former CEO, Changpeng Zhao, relinquishing voting control of the Dubai unit.
Earlier this year, Binance unveiled its joint venture crypto exchange, Binance Thailand, in collaboration with Gulf Innova, a subsidiary of Gulf Energy Development. Binance Thailand, abbreviated as Binance TH, offers a platform for digital asset exchange services with Thai baht trading pairs.
It is important to note that Binance has faced increased regulatory scrutiny globally. Last year, the Commodity Futures Trading Commission (CFTC) filed charges against Binance for allegedly operating an illegal digital asset derivatives exchange and evading federal laws. Similarly, the US Securities and Exchange Commission charged Binance Holdings LTD and ex-CEO Changpeng Zhao (CZ) for allegedly operating unregistered exchanges, broker exchanges, clearing houses, and the unregistered offer and sale of securities.
