Amid the bullish market sentiment, Binance CEO Richerd Teng shared a post on X (formerly Twitter) celebrating Binance’s contribution to Taiwan’s authorities in combating money laundering. Binance’s Financial Crimes Compliance (FCC) department has teamed up with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office to address a major money laundering case involving 200 million New Taiwan dollars ($6.2 million).
Huge win: #Binance helped Taiwan authorities solve a major money laundering case involving nearly NT$200M (~ US$6M). Grateful to the Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office for the collaboration. More details … pic.twitter.com/xk06HjcUhd
— Richard Teng (@_RichardTeng) May 18, 2024
Binance helped Taiwan to uncover Money Laundering case
The operation encountered a sophisticated scheme where criminals used fake remittance documents, counterfeit identification, and manipulated communication records to launder money through cryptocurrency transactions. The fraudsters created a complex web of deception, making it difficult for law enforcement to track their illegal activities.
Although Binance did not specify the exact case, they acknowledged their involvement in an operation reported by the media. The scammers had falsified customer conversation records and identity verification data, misleading authorities into believing that legitimate merchants were behind the transactions.
With the help of Binance, prosecutor Lo Wei-yuan from the Taipei District Prosecutors Office was able to compile evidence against nine individuals indicted for money laundering, fraud, and organized crime. Binance’s role included organizing a cross-border online meeting with investigators and prosecutors to strategize the operation.
Binance has proactively cooperated with law enforcement agencies globally, beyond standard compliance measures. They have launched the industry’s first training program for law enforcement, aimed at helping officers detect and prosecute financial and cybercrimes.
Binance registration under Taiwan’s FSC and MLC Act
In 2023, Binance applied to be registered under Taiwan’s Financial Supervisory Commission (FSC) and the Money Laundering Control Act. Local regulators have praised Binance’s efforts in assisting with digital asset fraud investigations. Additionally, in March, Binance hosted a virtual asset law enforcement training workshop for the Keelung District Prosecutors Office in Taiwan, sharing their expertise to combat digital asset-related crimes.
As Taiwan plans to introduce cryptocurrency regulations by the end of 2024, the chairman of the FSC, Huang Tianzhu, has expressed concerns about the use of cryptocurrencies for illegal activities. The FSC aims to enhance its oversight of crypto exchanges and enforce stricter penalties. Binance’s collaboration with Taiwanese authorities highlights the importance of international cooperation in tackling financial crimes and ensuring the integrity of the cryptocurrency market.