Binance's Financial Crimes Compliance Department has partnered with the Investigation Bureau of the Taiwanese Ministry of Justice and the Taipei District Prosecutor's Office to address a money laundering case involving NT$200 million ($6.2 million) in digital asset fraud.
Collecting evidence in a crypto fraud case
An official statement revealed that the operation targeted criminals who laundered illegal proceeds through cryptocurrency transactions. The perpetrators used forged transfer documents, false identities, and tampered with communications records to avoid detection by law enforcement.
With the help of Binance, Lu Weiyuan, a prosecutor at the Taipei District Prosecutor's Office, was able to collect evidence against nine individuals accused of money laundering, fraud, and organized crime.
In 2023, Binance applied for registration under Taiwan's Financial Supervision Commission (FSC) and the Anti-Money Laundering Law. The exchange has been recognized by local regulatory bodies for its cooperation in digital asset fraud investigations.
Only in:🚨 #Binance It is cooperating with the Taiwanese Ministry of Justice and Taipei prosecutors to resolve the $6 million case #encryption Money laundering case. The expertise of the Financial Crimes Compliance Team was key in catching the perpetrators. #Crypto_News #Blockchain pic.twitter.com/54reTah09I
— CryptoFusion (@cryptofusionorg) May 17, 2024
Earlier, Binance cooperated with Thai law enforcement authorities to combat cryptocurrency-related scams, including a major “pig slaughter” scam in Thailand, Finance Magnates reported. Their joint efforts with the US Homeland Security Investigations and Cybercrime Investigation Bureau led to the arrest of five major criminals and the seizure of assets worth 10 billion Thai baht ($277 million), such as luxury cars and real estate.
Taiwan is preparing for cryptocurrency regulations
Taiwanese regulators are preparing to introduce cryptocurrency regulations by the end of 2024. FSC Chairman Huang Tianzhou has expressed concerns about the use of cryptocurrencies for illegal activities and plans to strengthen oversight of cryptocurrency exchanges and impose sanctions.
Taiwan's Ministry of Justice has proposed amendments to current anti-money laundering laws that would impose prison sentences of up to two years and fines of up to $1.5 million on non-compliant companies. These amendments aim to strengthen anti-fraud measures and enhance money laundering prevention for cryptocurrency service providers.
This article was written by Tariq Sikdar at www.financemagnates.com.