Recently, Binance’s Financial Crimes Compliance department collaborated with Taiwan’s Ministry of Justice Investigation Bureau and Taipei District Prosecutors Office to successfully crack a major money laundering case involving a “fake individual currency trader”. The amount involved in the case was nearly 200 million New Taiwan Dollars (approximately 6.5 million US dollars). Binance’s information and assistance played a crucial role in the investigation and helped law enforcement agencies bring the suspects to justice.
The criminal group had been assisting a fraud group in money laundering through the use of virtual assets. The group prepared fake customer conversations, remittance proofs, KYC data, etc., to allow their drivers to pose as individual currency traders and evade police investigation. However, the long arm of the law caught up with them. The police, through relentless investigation, obtained multiple currency flow data and requested evidence from relevant parties including Binance.
Upon receiving the law enforcement request, Binance immediately conducted an online cross-border meeting with the investigators and prosecutors handling the case. After understanding the relevant details, Binance’s experienced Financial Crimes Compliance team provided suggestions based on the analysis of the currency flow, helping to narrow down the targets of the investigation and providing relevant information to facilitate the subsequent investigation by law enforcement agencies.
Currently, Taipei District Prosecutors Office prosecutor Luo Wei-yuan, who is responsible for the investigation of this case, has filed charges against a total of 9 suspects for alleged aggravated fraud, violation of the Anti-Money Laundering Act, and the Organized Crime Prevention Act.
Prosecutor Luo Wei-yuan stated, “We appreciate Binance’s long-term cooperation with Taiwan law enforcement agencies and their professional assistance and important information provided in this case. This allowed the investigation team to further uncover the full extent of the crimes and ultimately bring the suspects to justice.”
Damien Ho, representative of Binance’s Asia-Pacific team, said, “Binance is proud to collaborate with Taiwan’s excellent investigative and law enforcement agencies to make significant progress in the investigation. At the same time, our collaboration with Taiwan 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 cooperation in combating new types of financial crimes. Through close collaboration between law enforcement agencies and exchanges, it will be possible to effectively combat illegal 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 10 agencies, with over a thousand law enforcement personnel participating, receiving positive feedback along the way.
District Prosecutors Office
Binance
Virtual assets
Investigation Bureau