Binance’s Financial Crimes Compliance department recently collaborated with Taiwan’s Ministry of Justice Investigation Bureau and Taipei District Prosecutors Office to successfully crack a major case involving a “fake individual currency dealer” money laundering scheme, with the amount involved exceeding 200 million New Taiwan Dollars (approximately 6 million US dollars). Binance’s intelligence and assistance played a crucial role in the investigation, helping law enforcement agencies bring the suspects to justice.
According to media reports, this criminal group has been assisting fraud groups in money laundering using virtual assets. The group created fake customer conversation records, remittance proofs, and KYC data to disguise their riders as individual currency dealers in order to evade law enforcement. However, with relentless investigation, law enforcement agencies obtained multiple cryptocurrency transaction data and requested information from relevant parties, including Binance.
Upon receiving the law enforcement request, Binance immediately held online cross-border meetings with investigators and prosecutors in charge of the case to discuss investigation methods. Based on their understanding of the case, Binance’s experienced Financial Crimes Compliance team provided recommendations, assisted in narrowing down the targets of the investigation, and provided relevant intelligence to facilitate the subsequent investigation by law enforcement agencies.
Currently, Prosecutor Luo Wei-yuan of the Taipei District Prosecutors Office, who is responsible for the investigation of this case, has filed charges against a total of 9 suspects involved in the case, including aggravated fraud, violation of anti-money laundering laws, and organized crime prevention regulations.
Prosecutor Luo Wei-yuan expressed gratitude to Binance for its long-term cooperation with Taiwanese law enforcement agencies and its professional assistance and important intelligence in this case, which enabled the investigation team to unravel the crime and ultimately bring the suspects to justice.
Damien Ho, representative of Binance’s Asia-Pacific team, stated that this case highlights the importance of public-private cooperation in combating new types of financial crimes. Through close collaboration between law enforcement agencies and exchanges, it will be possible to effectively combat illegal activities and ensure that the financial system is not abused by malicious individuals. In Taiwan, Binance has already assisted in over a thousand law enforcement requests and conducted law enforcement training courses with more than 10 organizations, with participation from over a thousand law enforcement personnel, receiving positive feedback throughout.
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