News
Binance and Taiwan Collaborate to Solve $6.2 Million Crypto Fraud — TradingView News
Binance’s Financial Crime Compliance Department partnered with the Taiwan Ministry of Justice’s Investigation Bureau and the Taipei District Prosecutors’ Office to handle a money laundering case involving 200 million new Taiwan dollars ($6.2 million) in digital asset fraud.
Gathering Evidence in a Crypto Fraud Case
An official statement revealed that the operation targeted criminals who were laundering illegal proceeds through cryptocurrency transactions. The perpetrators used false remittance documents, false identification, and manipulated communication records to avoid detection by law enforcement.
With the help of Binance, 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 for registration with the Taiwan Financial Supervisory Commission (FSC) and the Anti-Money Laundering Control Act. The exchange has been recognized by local regulators for its cooperation in digital asset fraud investigations.
Previously, Binance had worked with Thai law enforcement to combat cryptocurrency scams, including a major “pig butchery” 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 luxury cars and properties.
Taiwan prepares for crypto regulations
Taiwanese regulators are preparing to introduce regulations on cryptocurrencies by the end of 2024. FSC Chairman Huang Tianzhu has expressed concerns about the use of cryptocurrencies for illegal activities and plans to strengthen surveillance of crypto exchanges and impose sanctions.
Taiwan’s Ministry of Justice has suggested amendments to current AML 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.