Binance assists Taiwan law enforcement in cracking down on a virtual asset money laundering case involving nearly 200 million New Taiwan Dollars.

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 personal currency exchange" money laundering case, involving an amount of nearly 200 million New Taiwan Dollars (approximately 6 million US dollars). Binance's intelligence and assistance played a crucial role in the investigation, aiding law enforcement authorities in bringing the suspects to justice.

Recently, Binance's Financial Crimes Compliance department collaborated with the Taiwan Ministry of Justice Investigation Bureau and Taipei District Prosecutors Office to successfully crack down on a major "fake individual currency trader" money laundering case, involving an amount of nearly 200 million New Taiwan Dollars (approximately over 6 million US dollars). Binance's intelligence and assistance played a crucial role in the investigation, aiding law enforcement in bringing the suspects to justice.

This criminal group had long been assisting fraud groups in laundering money using virtual assets. The group prepared fake customer chat records, remittance proofs, KYC data, etc., allowing their drivers to pose as individual currency traders to evade law enforcement. However, the long arm of the law caught up with them as investigators tracked multiple currency flows and requested evidence from relevant parties, 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 investigation methods. After understanding the case details, Binance's experienced Financial Crimes Compliance team provided suggestions based on relevant currency flow analysis, assisting in narrowing down the targets of the investigation and providing intelligence to facilitate further law enforcement pursuit.

Currently, Taipei District Prosecutor Luo Wei-yuan, in charge of this case, has indicted a total of 9 suspects on charges of aggravated fraud, violation of anti-money laundering laws, and the Prevention of Organized Crime Act.

Prosecutor Luo Wei-yuan stated: "We appreciate Binance's long-term active cooperation with Taiwanese law enforcement and the professional assistance and critical intelligence provided in this case, enabling the investigative team to unravel the crime and ultimately bring the suspects to justice."

Damien Ho, representative of Binance's Asia-Pacific team, commented: "Binance is proud to collaborate with Taiwan's excellent law enforcement agencies to make significant progress in this case. Our cooperation 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 global law enforcement agencies."

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 is possible to effectively combat illegal activities and ensure that the financial system is not abused by malicious actors. In Taiwan, Binance has assisted in over a thousand law enforcement requests, conducted enforcement training courses with more than 10 agencies across Taiwan, with participation from over a thousand law enforcement personnel, receiving positive feedback throughout.