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Binance Partners with Taiwan to Address Multi-Million Dollar Cryptocurrency-Related Money Laundering Investigation
Binance has partnered with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office to address a major case related to cryptocurrency-facilitated money laundering.
The inquiry focused on illicit funds totaling nearly NT$200 million, which is roughly $6 million, as stated by the exchange in a press release distributed to Cryptonews.com.
According to the announcement, Binance’s collaboration, utilizing the expertise and intelligence sharing from its Financial Crimes Compliance (FCC) Department, was instrumental in ensuring that the offenders were brought to justice.
Prolonged Money Laundering Activities
The criminal scheme had been enabling money laundering for fraudulent groups utilizing virtual assets over an extended timeframe.
The offenders used a variety of methods, such as creating fake customer conversation records, remittance documentation, and counterfeit identity verification information, to fabricate the appearance of legitimate transactions.
Nonetheless, their actions did not escape detection, and law enforcement agencies ultimately apprehended them.
The authorities tracked and scrutinized multiple suspicious cryptocurrency transactions and requested pertinent information from various entities, including Binance.
“Upon receiving the inquiry, Binance acted promptly and organized a cross-border online meeting with the investigating officers and prosecutors to outline a collaborative approach,” the exchange stated.
“Binance’s knowledgeable FCC teams offered insights and suggestions based on analyses of crypto flows, thus aiding in more effectively narrowing down the pool of potential suspects.”
Prosecutor Lo Wei-Yuan from the Taipei District Prosecutors Office, who managed the case, subsequently brought charges against nine suspects for aggravated fraud, violations of the Money Laundering Control Act, and breaches of organized crime prevention laws last month.
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Expressing appreciation for Binance’s collaboration, Prosecutor Lo Wei-Yuan noted that Binance maintains “active and ongoing cooperation with Taiwan’s law enforcement agencies.”
Damien Ho, a representative from Binance’s Asia-Pacific (APAC) team, stated that Binance is dedicated to fighting financial crime and preserving the integrity of the Web3 ecosystem.
“We will persist in this mission and enhance our collaboration with global law enforcement agencies.”
Binance Pursues Global Growth
Last week, the Financial Intelligence Unit of India (FIU-IND) announced that Binance has successfully registered with the regulatory authority, marking its return to the country after navigating some regulatory challenges.
Previously, the exchange disclosed that it had secured a license from Dubai’s regulatory body, VARA, allowing the platform to serve retail clients as well as qualified and institutional customers.
As reported by Bloomberg, the licensing process required Binance’s founder and former CEO, Changpeng Zhao, to relinquish voting control of the Dubai branch.
Additionally, earlier this year, Binance launched its joint venture crypto exchange Binance Thailand, in collaboration with Gulf Innova, a subsidiary of Gulf Energy Development.
Binance Thailand, referred to as Binance TH, offers a platform for digital asset exchange services with trading pairs in Thai baht.
It is important to note that Binance has encountered increasing regulatory scrutiny on a global scale.
Last year, the Commodity Futures Trading Commission (CFTC) filed charges against Binance for allegedly operating an unlawful digital asset derivatives exchange and evading federal regulations.
Similarly, the US Securities and Exchange Commission charged Binance Holdings LTD and former CEO Changpeng Zhao (CZ) for allegedly running unregistered exchanges, broker exchanges, clearing houses, and the unregistered offering and sale of securities.
The post Binance Collaborates with Taiwan to Resolve Multi-Million Crypto-Assisted Money Laundering Case appeared first on Cryptonews.
