U.S. officials seized up to $1.8 million from drug traffickers in cryptocurrencies from six Binance accounts last year.
The seizures were part of an operation to disrupt a cash pipeline that funneled the proceeds of narcotics sales to Mexico using stablecoins.
According to media reports, money generated from drug trafficking was used on Binance to purchase USDT as well as bitcoin (BTC) before being sent to a designated address controlled by a criminal organization in Mexico.
Court filings show that six Binance accounts were named in the criminal complaint.
Reports have it that Mexican gangs have been using Binance since early 2020.
In 2021, a Mexican national named Carlos Fong Echavarria pled guilty to charges of drug trafficking and laundering around $4.7 million in crypto.
