Binance Helps Taiwanese Law Enforcement Crack Down on Major NT$200 Million Virtual Asset Crime
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 down on a major “fake individual virtual currency trader” money laundering operation, involving a staggering amount of nearly NT$200 million (approximately $6 million USD). Binance played a pivotal role in the investigation by providing intelligence and assistance, helping law enforcement agencies bring the suspects to justice.
According to media reports, this criminal group had been assisting fraud syndicates in laundering money through virtual assets for a long time. The group prepared false customer chat records, remittance proofs, KYC data, and other documents to make their riders impersonate individual virtual currency traders in order to evade law enforcement’s pursuit. However, the long arm of the law caught up with them. The police and prosecutors tirelessly investigated the case, obtained multiple transaction data, and requested evidence from relevant parties, including Binance.
Upon receiving the law enforcement request, Binance promptly held online cross-border meetings with the investigators and prosecutors handling the case. They discussed investigative methods and, based on their understanding of the case, Binance’s experienced Financial Crimes Compliance team provided recommendations on relevant transaction analysis, assisting in narrowing down the focus of the investigation and providing crucial intelligence for the subsequent law enforcement actions.
Close cooperation between law enforcement agencies and exchanges leads to the indictment of 9 suspects
Currently, Prosecutor Luo Wei-yuan of the Taipei District Prosecutors Office, who is in charge of the investigation, has indicted a total of 9 suspects in this case on charges of aggravated fraud, violations of anti-money laundering laws, and the Organized Crime Prevention Act.
Prosecutor Luo Wei-yuan expressed gratitude to Binance for its long-term cooperation with Taiwanese law enforcement agencies and for providing professional assistance and important intelligence in this case. This cooperation allowed the investigative team to further unravel the crime and ultimately bring the suspects to justice.
Damien Ho, representative of Binance’s Asia-Pacific team, stated, “Binance is proud to collaborate with Taiwan’s excellent law enforcement agencies and contribute to significant progress in this case. 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 cooperation with law enforcement agencies worldwide.”
This case highlights the importance of public-private collaboration in combating emerging financial crimes. Through close cooperation between law enforcement agencies and exchanges, illegal activities can be effectively suppressed, ensuring 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 enforcement training courses with more than 10 agencies, involving over a thousand law enforcement personnel, receiving positive feedback throughout the process.