Breaking the Counterfeit Currency Business: Binance Assists Taiwan Law Enforcement in Uncovering Nearly 200 Million NTD Virtual Asset Money Laundering Case
In recent times, Binance’s Financial Crimes Compliance (FCC) department has collaborated with Taiwan’s Ministry of Justice Investigation Bureau and Taipei District Prosecutors Office to successfully crack a major case of money laundering involving a “fake individual currency dealer”. The amount involved in the case reached approximately 200 million New Taiwan Dollars (around 6.5 million US dollars). Binance’s intelligence and assistance played a crucial role in the investigation, aiding law enforcement agencies in bringing the suspects to justice.
This criminal group had been assisting fraud syndicates in money laundering through virtual assets for a long time. The group created fake customer dialogue records, remittance proofs, and KYC data to make their riders pose as individual currency dealers, thus evading police pursuit. However, the long arm of the law caught up with them. The investigative units, through relentless pursuit, obtained multiple currency flow data and requested information from relevant parties, including Binance.
Upon receiving the law enforcement request, Binance immediately held an online transnational meeting with the investigators and prosecutors handling the case. After understanding the relevant details, Binance’s experienced FCC team provided recommendations based on the analysis of the currency flows, assisting in narrowing down the investigation targets and providing relevant intelligence for the subsequent pursuit by law enforcement agencies.
Currently, Taipei District Prosecutors Office’s prosecutor Luo Wei-Yuan, who is in charge of the case, has filed charges against a total of 9 suspects for aggravated fraud, violation of anti-money laundering laws, and prevention of organized crime.
Prosecutor Luo Wei-Yuan expressed gratitude to Binance for its long-term cooperation with Taiwanese law enforcement agencies and its professional assistance and important intelligence in this case. This enabled the investigation team to further unravel the crime and ultimately bring the suspects to justice.
Damien Ho, the representative of Binance’s Asia-Pacific team, stated that Binance is proud to collaborate with Taiwan’s excellent law enforcement agencies, which has led to significant progress in the investigation. He also emphasized Binance’s commitment to combating financial crimes and safeguarding the security of the Web3 ecosystem. Binance will continue to uphold this goal and deepen its cooperation with law enforcement agencies worldwide.
This case highlights the importance of public-private cooperation in combating new forms of financial crimes. Through close collaboration between law enforcement agencies and exchanges, illegal activities can be effectively fought, 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 agencies, involving over a thousand law enforcement personnel, receiving positive feedback along the way.
Taipei District Prosecutors Office
Binance
Virtual assets
Investigation Bureau
