Binance announced on Monday (9) that it cooperated with the United States Department of Justice (DOJ) and authorities in Taiwan to dismantle one of the largest drug markets on the dark web, the Incognito Market.
According to information shared exclusively with BeInCrypto, the site generated over $100 million in illicit sales before being shut down.
Criminal activity on the dark web has gained prominence in the crypto sector, generating political scandals and leaks of sensitive data. Despite this, international authorities have intensified efforts to crack down on these activities.
Binance highlighted its central role in identifying and interrupting the scheme, collaborating with various agencies during the so-called Operation RapTor.
According to the DOJ, the action resulted in the arrest of 270 individuals — among sellers, buyers, and administrators — in 10 countries. In addition, more than 180 firearms, 144 kilograms of fentanyl, and other adulterated drugs were seized, as well as over $200 million in cash and crypto assets.
Kash Patel: Operation Raptor, the Crackdown on Fentanyl — We’re Going to Mainland China, the Labs, and Banks
The FBI seized in only 3 months, enough Fentanyl to kill Everyone in America and Canada… 
“Fentanyl is a synthesized manufactured drug.. you don’t clip it from a… pic.twitter.com/4QTs2CIcXX
— MJTruthUltra (@MJTruthUltra) May 28, 2025
Binance tracks wallets and helps arrest leaders of the Incognito Market
For its part, Binance conducted native Web3 investigations into the Incognito Market drug market on the dark web. The exchange's financial intelligence unit, the Financial Intelligence Unit (FIU), identified wallets linked to the site after breaking through layers of firewalls and uncovering laundering methods. With this information, the team unmasked the key administrators, who were subsequently arrested by authorities.
“Even with sophisticated privacy tools, every crypto transaction leaves a digital trail — which is increasingly vital in today’s law enforcement investigations. Cross-border collaboration and public-private partnerships are no longer optional — they are essential. As crypto cases become more complex, global cooperation is the solution for effectively combating crime,” said Nils Andersen-Röed, global head of Binance's FIU.
For the largest crypto exchange in the world, there are multiple motivations to act against criminals. In addition to reinforcing its institutional reputation, the company has internal reasons. At the end of March, hackers leaked large volumes of user data from Binance on the dark web, creating potential security risks. Cooperation with the DOJ strengthens the FIU's efforts against this type of threat.
Moreover, even after announcing a reduction in the number of investigations against companies in the sector, the U.S. Department of Justice remains committed to tackling major criminal operations involving crypto assets. The expectation is that it will continue to mobilize its extensive resources to dismantle significant networks.
Binance added that it has been collaborating with other agencies to combat crime on the dark web. In May, the exchange supported Europol in investigating platforms aimed at child exploitation, using techniques similar to those applied in Operation RapTor. Given this history, the trend is for the company to continue being involved in high-impact operations in the future.
The article Binance exposes and dismantles drug market on the dark web, understand was first seen on BeInCrypto Brazil.