Taiwan Partners Binance to Solve $6.2M Crypto Fraud

Binance has partnered Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office to solve a large-scale money laundering case, a 200 million New Taiwan dollars ($6.2 million) digital asset fraud.

The operation helped criminals wash illegal proceeds through cryptocurrency transactions. The masterminds employed fake remittance documents, counterfeit identification information, and manipulated customer communication records to evade detection by law enforcement.

Through collaborative efforts with Binance’s Financial Crimes Compliance (FCC) department, Lo Wei-yuan, a prosecutor in the Taipei District Prosecutors Office, pieced together the complete picture of the suspicions of nine indicted individuals charged with offenses including money laundering, fraud and organized crime.

Binance has implemented measures and efforts beyond standard compliance, actively cooperating with law enforcement agencies worldwide.

In 2023, Binance applied to be registered under Taiwan’s Financial Supervisory Commission (FSC) and Money Laundering Control Act.

Additionally, in March, Binance hosted a virtual asset law enforcement training workshop for officers from the Keelung District Prosecutors Office in Taiwan, sharing its expertise to combat digital asset-related crimes.

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