Binance has partnered with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office to dismantle a $6.2 million money laundering scheme.
An official release detailed that this extensive operation, valued at nearly NT$200 million, was facilitating scammers in laundering illicit funds through cryptocurrencies. The criminals utilized falsified remittance proofs, identification data, and customer conversation records to evade detection by authorities.
Prosecutor Lo Wei-yuan of 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 agencies were able to track down the suspicious transactions with the aid of Binance’s Financial Crimes Compliance (FCC) department.
Established in 2020, Binance’s FCC aims to meet global standards for combating financial crimes involving digital assets. The department includes investigators with diverse expertise in technology, banking, law enforcement, and intelligence.
“After receiving the request, Binance expeditiously convened a cross-border online meeting with investigating officers and prosecutors to deliberate on the collaborative strategy,” the release highlighted.
Binance has established a significant presence in Taiwan. Last year, it applied for registration under Taiwan’s Financial Supervisory Commission (FSC) and the Money Laundering Control Act.
Local regulators have recognized the exchange’s cooperation in assisting with virtual asset fraud cases.
During March, Binance organized a workshop on virtual assets law enforcement for officers from the Keelung District Prosecutors Office in Taiwan.
Meanwhile, Taiwanese regulators are planning to implement cryptocurrency regulations by the end of 2024. Huang Tianzhu, chairman of the Financial Supervisory Commission (FSC), has expressed concerns about illicit activities facilitated by cryptocurrencies and intends to strengthen oversight of crypto exchanges and enforce penalties.
Currently, Taiwan hosts 10 entities providing virtual currency trading services. Regulators have also cautioned against using non-compliant entities to mitigate risks.
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