Binance Assists Taiwanese Law Enforcement in Cracking a Major Virtual Asset Money Laundering Case Worth Nearly NT$200 Million
Recently, Binance’s Financial Crimes Compliance department collaborated with the Taiwan Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office to successfully crack a major “fake individual virtual currency exchange” money laundering case, involving an amount of nearly NT$200 million (approximately $6 million USD). Binance played a crucial role in the investigation by providing intelligence and assistance, helping law enforcement authorities bring the suspects to justice.
According to media reports, this criminal group has long assisted fraud groups in laundering money through virtual assets. The group prepared false customer conversation records, remittance proofs, KYC data, and more, allowing their riders to impersonate individual virtual currency exchanges and evade police pursuit. However, the long arm of the law caught up with them, as law enforcement agencies relentlessly investigated and obtained multiple transaction data, including evidence from Binance and other relevant parties.
Upon receiving the law enforcement request, Binance immediately held an online cross-border meeting with the personnel from the investigative bureau and prosecutors handling the case. They discussed investigation methods and, based on the information provided, Binance’s experienced Financial Crimes Compliance team offered suggestions to narrow down the focus of the investigation, as well as provided relevant intelligence to assist law enforcement agencies in their subsequent pursuit.
Close Collaboration Between Law Enforcement Agencies and Exchanges Results in the Prosecution of 9 Suspects
Currently, Prosecutor Luo Wei-yuan from the Taipei District Prosecutors Office, who is in charge of the investigation, has filed charges against a total of 9 individuals involved in this case, including aggravated fraud, violations of anti-money laundering laws, and organized crime prevention regulations.
Prosecutor Luo Wei-yuan expressed, “We are grateful for Binance’s long-term cooperation with Taiwanese law enforcement agencies and their professional assistance and important intelligence provided in this case. This has allowed our investigation team to further unravel the truth behind the crimes and ultimately bring the suspects to justice.”
Damien Ho, representing Binance’s Asia-Pacific team, stated, “Binance is proud to collaborate with Taiwan’s excellent law enforcement agencies and contribute to significant progress in the investigation. Our cooperation with Taiwanese law enforcement agencies once again demonstrates Binance’s strong commitment to combating financial crimes and safeguarding the security of the Web3 ecosystem. We will continue to uphold this goal and deepen our collaboration with law enforcement agencies worldwide.”
This case highlights the importance of public-private collaboration in combating new types of financial crimes. Through close cooperation between law enforcement agencies and exchanges, effective measures can be taken to combat unlawful activities and ensure that the financial system is not abused by malicious actors. In Taiwan, Binance has already assisted in over a thousand law enforcement requests and conducted law enforcement training courses with more than ten agencies across the country, involving the participation of over a thousand law enforcement personnel, receiving positive feedback throughout.
