Binance Supports Taiwan Law Enforcement in Breaking Up a Major NT$200 Million Virtual Asset Crime
Recently, Binance’s Financial Crimes Compliance department collaborated with the Taiwanese Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office to successfully dismantle a major “fake personal currency exchange” money laundering scheme, involving a staggering amount of nearly NT$200 million (approximately over $6 million USD). Binance played a crucial role in the investigation by providing information and assistance, helping law enforcement bring the suspects to justice.
According to media reports, this criminal group has long been aiding fraudulent groups in money laundering through virtual assets. The group utilized fabricated customer conversations, remittance proofs, KYC data, and more to enable their riders to impersonate personal currency exchange operators, thus evading police pursuit. However, the long arm of the law eventually caught up with them as the investigative authorities relentlessly traced multiple currency flows and obtained evidence from various sources, including Binance.
Upon receiving the law enforcement request, Binance immediately held an online cross-border meeting with the investigators and prosecutors handling the case to discuss investigative methods. Drawing from their extensive experience in financial crime compliance, Binance’s team provided recommendations based on the analysis of relevant currency flows, assisting in narrowing down the focus of the investigation and offering pertinent information to aid further law enforcement efforts.
Close Collaboration between Law Enforcement and Exchanges: 9 Suspects Indicted
Currently, the prosecutor in charge of this case, Wei-Yuan Luo from the Taipei District Prosecutors Office, has indicted a total of 9 suspects on charges including aggravated fraud, violation of anti-money laundering laws, and the Prevention of Organized Crime Act.
Prosecutor Luo expressed gratitude to Binance for their long-term cooperation with Taiwanese law enforcement agencies and their professional assistance and crucial information in this case. He stated that Binance’s cooperation enabled the investigative team to unravel the crime, ultimately bringing the suspects to justice.
Damien Ho, representing Binance’s Asia-Pacific team, stated, “Binance is proud to collaborate with Taiwan’s outstanding law enforcement agencies, contributing to significant progress in this case. Our partnership with Taiwanese law enforcement once again demonstrates Binance’s firm 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 forms of financial crime. Through close collaboration between law enforcement agencies and exchanges, unlawful activities can be effectively countered, 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 law enforcement training courses with more than 10 different agencies, involving over a thousand law enforcement personnel, receiving positive feedback throughout.
