Binance Aids Taiwan Law Enforcement in NT$200 Million Crypto Scam Investigation

In a collaborative effort to combat financial crime, Binance’s Financial Crimes Compliance (FCC) Department joined forces with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office to crack a major cryptocurrency-assisted money laundering case, totaling nearly NT$200 million (approximately US $6 million).

The criminal operation, which had been aiding scam groups in laundering money using virtual assets, utilized fake customer conversation records, remittance proofs, and forged identity verification data to disguise their illicit activities. However, their schemes were ultimately detected by law enforcement agencies, who traced multiple suspicious cryptocurrency transactions.

Empowering Compliance: Binance stands united with Taiwan law enforcement in dismantling virtual asset-related crime, securing $200 million. Together, we champion integrity in the industry.

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— Binance (@binance) May 18, 2024

Upholding Industry-Leading Standards

Binance played a crucial role in the investigation, providing expert blockchain analysis and intelligence that significantly contributed to identifying and apprehending the suspects involved. Upon receiving a request from Taiwanese authorities, Binance swiftly responded, setting up cross-border online meetings with investigators and prosecutors to strategize on the case. Binance’s FCC teams conducted comprehensive analyses of cryptocurrency flows, helping law enforcement narrow down potential suspects effectively.

Prosecutor Lo Wei-yuan of the Taipei District Prosecutors Office, who led the investigation, indicted nine suspects last month on charges including aggravated fraud, violation of the Money Laundering Control Act, and organized crime prevention regulations.  Lo Wei-yuan shared, “We would like to thank Binance for its long-term active cooperation with Taiwanese law enforcement agencies and for providing professional assistance and crucial intelligence in this case. It allowed our investigation team to further unravel the threads and piece together the full picture of the crime, ultimately bringing the suspects to justice.”

Damien Ho, representing Binance’s APAC team, expressed pride in the collaboration, stating, “Binance is proud to have closely cooperated with Taiwan’s excellent law enforcement agencies to make significant progress in the investigation. Our cooperation with Taiwan law enforcement reaffirms Binance’s strong commitment to combating financial crime and safeguarding the Web3 ecosystem. We will continue to uphold this goal and deepen our cooperation with global law enforcement agencies.”

The case highlights the importance of public-private partnerships in combating financial crime. Binance’s proactive cooperation with law enforcement agencies globally demonstrates its dedication to ensuring the safety and integrity of the digital asset ecosystem. This recent success follows Binance’s assistance to Dutch law enforcement in recovering millions of euros from a fake gambling website and its role in dismantling an investment fraud scheme in India disguised as a gaming platform. Binance has conducted training courses for over 1,000 officers from more than 10 law enforcement units, receiving positive feedback for its efforts in Taiwan and internationally.

In an official statement, Binance said, “Binance understands the responsibility and expectations that come with the role of the industry leader. We always prioritize user protection and have built the industry’s strongest financial crimes compliance department, which proactively cooperates with law enforcement agencies worldwide to ensure the safety of the global digital-asset ecosystem.” 

Overall, this recent development underscores Binance’s proactive approach in supporting law enforcement efforts worldwide, reflecting their dedication to upholding industry-leading standards of compliance and security. As digital assets continue to play a growing role in global finance, such collaborations are essential in maintaining trust and protecting against illicit activities.