Binance, Taiwan Team Up to Bust $6.2M Crypto Money Laundering
- Binance, Taiwan authorities dismantle $6.2M money laundering scheme.
- Crypto flow analysis by Binance helps identify suspects.
- Binance launches training program for law enforcement against cybercrime.
Binance’s financial crimes compliance unit (FCC) collaborated with Taiwanese authorities to dismantle a major money laundering operation involving digital assets. The joint effort, which included the Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office, targeted a scheme worth approximately $200 million New Taiwan Dollars ($6.2 million).
According to Binance, the money laundering scheme involved the use of forged documents, customer call records, proof of payments, and fake identities to evade detection by security agencies. Scam groups exploited these tactics to launder funds through digital currencies.
Binance’s FCC team played a crucial role by providing insights based on cryptocurrency flow analysis, assisting authorities in identifying potential suspects. This collaboration led to the indictment of nine individuals on charges of fraud, money laundering, and organized crime by Prosecutor Lo Wei-yuan of the Taipei District P…
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