Binance Collaborates with Taiwan to Resolve Multi-Million Crypto-Assisted Money Laundering Case

cryptonews.com:

Binance has teamed up with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office to solve a significant case involving cryptocurrency-assisted money laundering.

The investigation centered around illicit funds amounting to nearly NT$200 million, equivalent to approximately $6 million, the exchange said in a press release shared with CryptoNews.

Per the announcement, Binance’s cooperation, leveraging its Financial Crimes Compliance (FCC) Department’s expertise and intelligence sharing, played a key role in bringing the perpetrators to justice.

The criminal operation had been facilitating money laundering for scam groups using virtual assets for an extended period.

The perpetrators employed various tactics, including fabricating customer conversation records, remittance proofs, and falsified identity verification data, to create the illusion of legitimate transactions.

However, their activities did not go unnoticed, and law enforcement authorities eventually caught up with them.

The police traced and monitored several suspicious cryptocurrency transactions and sought relevant information from various parties, including Binance.

“Upon receiving the request, Binance responded swiftly and set up a cross-border online meeting with the investigating officers and prosecutors to discuss the collaborative strategy,” the exchange wrote.

“Binance’s experienced FCC teams provided insights and recommendations based on crypto flow analyses, thereby helping to narrow down the circle of potential suspects more effectively.”

Prosecutor Lo Wei-Yuan from the Taipei District Prosecutors Office, who oversaw the case, subsequently filed indictments against nine suspects on charges of aggravated fraud, violation of