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Binance and Taiwan Team Up to Solve $6.2 Million Crypto Fraud — TradingView News
Binance’s Financial Crimes Compliance Department collaborated with the Investigation Bureau of Taiwan’s Ministry of Justice and the Taipei District Prosecutor’s Office to address a money laundering case involving 200 million New Taiwan dollars ( $6.2 million) in digital asset fraud.
Collecting evidence in a crypto fraud case
An official statement revealed that the operation had targeted criminals laundering illegal proceeds through cryptocurrency transactions. The perpetrators used false remittance documents, counterfeit identification documents, and manipulated communications records to avoid detection by law enforcement.
With Binance’s assistance, Lo Wei-yuan, a prosecutor from the Taipei District Prosecutor’s Office, was able to gather evidence against nine people accused of money laundering, fraud and organized crime.
In 2023, Binance applied to be registered with the Financial Supervisory Commission (FSC) and Money Laundering Control Act of Taiwan. The exchange has been recognized by local regulators for its cooperation in investigating digital asset fraud.
Previously, Binance has worked with Thai law enforcement to combat cryptocurrency scams, including a major “pig slaughter” scam in Thailand, as reported by Finance Magnates. Their joint efforts with the US Homeland Security Investigation and the Cyber Crime Investigation Bureau led to the arrest of five key criminals and the seizure of THB10 billion ($277 million) in assets, such as cars and luxury property.
Taiwan prepares for cryptocurrency regulation
Taiwanese regulators are preparing to introduce cryptocurrency regulations by the end of 2024. FSC Chairman Huang Tianzhu has expressed concern about the use of cryptocurrencies for illegal activities and plans to strengthen supervision of cryptocurrency exchanges and enforce sanctions.
Taiwan’s Ministry of Justice has suggested changes to current anti-money laundering laws, potentially imposing prison sentences of up to two years and fines of up to $1.5 million for non-compliant companies. These changes aim to strengthen anti-fraud measures and improve money laundering prevention for crypto service providers.