Cryptocurrencies

Update (May 17, 12:30 PM UTC): These have been updated

Update (May 17, 12:30 PM UTC): This article has been updated to include comments from Binance exclusively on Cointelegraph. Additional reporting by Derek Andersen.

Binance’s Financial Crimes Compliance (FCC) Department has joined forces with the Investigation Bureau of the Taiwanese Ministry of Justice and the Taipei District Prosecutor’s Office to address a large-scale money laundering case, resolving a NT$200 million (US$6.2 million) digital asset scam. .

According to an official statement, the operation facilitated criminals to launder illegal proceeds through cryptocurrency transactions. The scammers used fake transfer documents, falsified identifying information, and manipulated customer communication records to avoid detection by law enforcement.

Source: Binance

In a statement provided to Cointelegraph, Binance was careful not to identify the case in question, though it said the operation had been reported in the media. According to Binance, the operation forged documents, including “fake customer chat logs, (…) and falsified identity verification data,” to give the impression that individual traders were moving funds totaling about NT$200 million (about $6 million). .

Through collaborative efforts with Binance, Lu Weiyuan, a prosecutor with the Taipei District Prosecutor’s Office, has compiled the full picture of the suspicions of nine individuals accused of crimes including money laundering, fraud and organized crime.

The release noted:

“Upon receiving the request, Binance organized a cross-border online meeting with investigating officers and prosecutors to discuss the cooperative strategy.”

Binance has implemented measures and efforts that go beyond standard compliance, and is actively cooperating with law enforcement agencies around the world. This includes the industry’s first Law Enforcement Training Program – a coordinated effort around the world to help law enforcement and prosecutors detect financial and cyber crimes and help prosecute bad actors.

Related: Binance is developing an “antidote” to tackle poisoning scams after a $68 million exploit

In 2023, Binance applied for registration under Taiwan’s Financial Supervision Commission (FSC) and the Anti-Money Laundering Law. Local regulators have previously recognized the exchange’s collaborative efforts to assist in digital asset fraud investigations.

In addition, in March, Binance Hosted A virtual asset law enforcement training workshop for officers from the Keelung District Prosecutors’ Office in Taiwan, to share their experiences in combating crimes related to digital assets.

Meanwhile, regulators in Taiwan are looking to introduce regulations on cryptocurrencies by the end of 2024. Huang Tianzhou, Chairman of the Financial Services Commission, has raised concerns about the use of cryptocurrencies for illegal activities and plans to strengthen its supervision of cryptocurrency exchanges and impose penalties.

The proposed law means that foreign forex platforms face criminal penalties unless they establish local branches and comply with anti-money laundering (AML) regulations.

Taiwan’s Ministry of Justice recently proposed amendments to existing anti-money laundering laws, which could impose prison sentences of up to two years on non-compliant companies and fines of up to $1.5 million. The amendments aim to strengthen the campaign against fraud and strictly regulate anti-money laundering measures for cryptocurrency service providers.

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