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Taiwan and Binance Dismantle Money Laundering Case Worth IDR 99.1 Billion
Todaysgist.com, Jakarta – The Financial Crimes Compliance Department (FCC) at Binance has been working with the Taiwan Ministry of Justice Investigation Bureau and the Taipei District Prosecutor's Office to handle large-scale money laundering cases.
Reporting from CointelegraphTuesday (21/5/2024) with this collaboration, Taiwan succeeded in uncovering and resolving digital asset fraud worth USD 6.2 million or the equivalent of IDR 99.1 billion (assuming an exchange rate of IDR 15,984 per US dollar).
According to the official statement, the operation facilitates criminals in laundering illegal proceeds through cryptocurrency transactions. Fraudsters use fake money transfer documents, false identification information, and manipulate customer communications records to avoid detection by law enforcement.
In a statement Binance was careful not to detail the case in question, although it said the operation had been reported in the media. According to Binance, the operation falsified documentation, including fake customer conversation records, and fake identity verification data.
Binance has implemented measures and efforts beyond standards compliance, actively cooperating with law enforcement agencies around the world.
This includes an industry-first law enforcement training program, a coordinated worldwide effort to help law enforcement and prosecutors detect financial and cyber crimes and help prosecute criminals.
In 2023, Binance applied to be registered under Taiwan's Financial Supervisory Commission (FSC) and the Money Laundering Control Act. The local regulatory body has previously recognized the exchange's collaborative efforts in assisting digital asset fraud investigations.
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Taiwan and Binance Dismantle Money Laundering Case Worth IDR 99.1 Billion
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