Binance's Financial Crimes Compliance (FCC) department recently collaborated with Taiwan's Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office. The joint effort led to the successful resolution of a substantial criminal case involving money laundering through virtual assets, worth nearly NT$200 million.
Binance was instrumental in the investigation, providing crucial insight and assistance to Taiwanese authorities. The case revolved around illegal operators who facilitated scam groups in money laundering through virtual assets, using fake customer conversation records, remittance proofs, and falsified identity verification data to appear legitimate.
Upon request, Binance cooperated promptly, establishing a cross-border online meeting with the investigating officers and prosecutors, where Binance's seasoned FCC teams furnished valuable recommendations based on cryptocurrency flow analyses. This collaboration helped detect potential suspects more effectively.
Prosecutor Lo Wei-yuan of the Taipei District Prosecutors Office indicted nine suspects charged with aggravated fraud, violation of the Money Laundering Control Act, and organized crime prevention regulations.
The successful operation underscores the importance of public-private collaboration in combating financial crimes. Binance's cooperation with global law enforcement agencies fortifies its commitment to counter financial crime and safeguard the digital-asset ecosystem.
Binance has also assisted with international law enforcement collaborations in the Netherlands and India. In its capacity as an industry leader, Binance remains diligent in user protection and cooperation with global law enforcement to champion the safety of the worldwide digital-asset ecosystem.
