World Crypto Global
- Written by: Tareq Sikder
- Fri, 17 May 2024
- Israel
The Financial Crimes Compliance department of Binance haspartnered with Taiwans Ministry of Justice Investigation Bureau and the TaipeiDistrict Prosecutors Office to address a money laundering case involving 200million New Taiwan dollars ($6.2 million) in digital asset fraud.Gathering Evidence in Crypto Fraud CaseAn official statement revealed that the operation targetedcriminals who laundered illegal proceeds through cryptocurrency transactions.The perpetrators used fake remittance documents, counterfeit identification,and manipulated communication records to avoid detection by law enforcement.With Binance's assistance, Lo Wei-yuan, a prosecutor in theTaipei District Prosecutors Office, was able to gather evidence against nineindividuals charged with money laundering, fraud, and organized crime.In 2023, Binance applied to be registered under TaiwansFinancial Supervisory Commission (FSC) and Money Laundering Control Act. Theexchange has been acknowledged by local regulatory bodies for its cooperationin investigations into digital asset fraud.Just in: #Binance teams up with Taiwans Ministry of Justice and Taipei Prosecutors to solve a $6M #crypto money laundering case. Their Financial Crimes Compliance teams expertise was key in catching the culprits. #CryptoNews #Blockchain pic.twitter.com/54reTah09I Crypto Fusion (@cryptofusionorg) May 17, 2024Earlier, Binancecollaborated with Thai law enforcement to combat cryptocurrency scams,including a major "pig butchering" scam in Thailand, as Finance Magnates reported. Theirjoint efforts with US Homeland Security Investigation and the Cyber CrimeInvestigation Bureau led to the arrest of five key criminals and the seizure ofTHB 10 billion ($277 million) in assets, such as luxury cars and properties.Taiwan Prepares for Crypto RegulationsTaiwanese regulators are preparing to introducecryptocurrency regulations by the end of 2024. FSC Chairman Huang Tianzhu hasexpressed concerns about the use of cryptocurrencies for illegal activities andplans to enhance oversight of crypto exchanges and impose penalties.Taiwans Ministry of Justice has suggested amendments tocurrent AML laws, potentially imposing jail terms of up to two years and finesof up to $1.5 million for noncompliant firms. These amendments aim tostrengthen measures against fraud and enhance money laundering prevention forcrypto service providers.This article was written by Tareq Sikder at www.financemagnates.com.
