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Binance has joined forces with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office to dismantle a $6.2 million money laundering operation.
The operation, valued at nearly NT$200 million, was facilitating scammers in laundering illicit funds using cryptocurrencies. The culprits employed fake remittance proofs, identification data, and customer conversation records to evade detection.
Lo Wei-yuan, prosecutor at the Taipei District Prosecutors Office, has indicted nine individuals, charging them with violations of the Money Laundering Control Act, aggravated fraud, and organized crime prevention regulations.
Law enforcement authorities successfully traced the suspicious transactions with assistance from Binance’s Financial Crimes Compliance (FCC) department.
Binance introduced the FCC in 2020 to comply with global standards in combating financial crimes involving digital assets. The department includes experts from technology, banking, law enforcement, and intelligence backgrounds.
“Upon receiving the request, Binance set up a cross-border online meeting with the investigating officers and prosecutors to discuss the collaborative strategy,” the release noted.
Binance has established a significant presence in Taiwan. Last year, it applied to be registered under Taiwan’s Financial Supervisory Commission (FSC) and Money Laundering Control Act. Local regulators have previously acknowledged the exchange’s cooperation in addressing virtual asset fraud cases.
The company also conducted a virtual assets law enforcement workshop for officers of the Keelung District Prosecutors Office in Taiwan in March.
Meanwhile, regulators in Taiwan are planning to introduce cryptocurrency regulations by the end of 2024. Huang Tianzhu, chairman of the Financial Supervisory Commission (FSC), has expressed concerns about illegal activities facilitated by cryptocurrencies and intends to enhance oversight of crypto exchanges and enforce penalties.
The nation currently hosts 10 entities offering virtual currency trading services. Regulators have also advised against using non-compliant entities to mitigate risks.
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