Binance’s Financial Crimes Compliance department recently collaborated with Taiwan’s Ministry of Justice Investigation Bureau and Taipei District Prosecutors Office to successfully uncover a major case of money laundering involving a “fake individual cryptocurrency trader”. The amount involved in the case exceeded 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 had been assisting fraud groups in money laundering using virtual assets. The group prepared false customer conversation records, remittance proofs, and KYC data, allowing their riders to impersonate individual cryptocurrency traders and evade police pursuit. However, the long arm of the law eventually caught up with them. The police authorities, through relentless investigation, obtained multiple cryptocurrency flow data and requested evidence from relevant parties, including Binance.
Upon receiving the law enforcement request, Binance immediately held an online cross-border conference with the investigators and prosecutors handling the case to discuss investigation methods. After understanding the relevant details, Binance’s experienced Financial Crimes Compliance team provided recommendations based on cryptocurrency flow analysis, assisting in narrowing down the targets of the investigation and providing relevant intelligence to facilitate further investigation by law enforcement agencies.
Currently, the prosecutor in charge of this case, Luo Wei-Yuan of Taipei District Prosecutors Office, has indicted a total of 9 suspects on charges of aggravated fraud, violation of anti-money laundering laws, and offenses related to organized crime.
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 allowed 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 forms of financial crimes. Through close collaboration between law enforcement agencies and exchanges, it is 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 agencies, involving over a thousand law enforcement personnel, receiving positive feedback in the process.
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