Binance Aids Taiwan in Busting $6.2M Cryptocurrency Laundering Operation

In this post:

  • Binance teams up with Taiwan authorities to dismantle a $6.2 million money laundering ring.
  • Nine individuals were charged with money laundering, aggravated fraud, and organized crime.
  • Taiwan plans to implement stricter cryptocurrency regulations by mid-2024.


Binance has teamed up with the Investigation Bureau of the Ministry of Justice and the Taipei District Prosecutors Office to break up a $6. 2 million money laundering campaign through a comprehensive investigation and prosecution. This case highlights how the regulation of cryptocurrency is now a jointly undertaken exercise by exchanges and regulatory bodies to fight financial crimes.

Binance and Taiwan Halt Crypto Laundering Ring

The immense violation, worth almost NT$200 million, has served as evidence that the schemers have been employing cryptocurrencies to wash illegally acquired money. The perpetrators used complex manipulations, such as generating fictitious remittance proofs, identification data, and chat communications records, to circumvent the regulators.

The Prosecutors Office of Taipei District claimed that nine people were charged with such crimes as money laundering, aggravated fraud, and organized crime under the Money Laundering Control Act, penal provisions for aggravated fraud, and other regulations under the According to the Prosecutors Office in Taipei.

Also, Lo Wei-yuan, a prosecutor at Taipei District Prosecutors, headed the indictment. In 2020, collaboration with the established Binance Financial Crimes Compliance Department, BFCC, was extremely helpful in investigating illegal transactions. This directorate is staffed by individuals with experience in technology, banking, law enforcement, and espionage. Through their vigilance at the harbor and in the air, for instance, they were pivotal in breaking the code.

Binance Champions Crypto Regulations and Compliance

Binance‘s FCC department was truly a driving force in accomplishing the operation mentioned above. After the urgent call from the help of the organization, Binance moved the cross-border online meeting and invited the investigation officers and prosecutors. That stance instigating a comprehensive action towards the money laundering ring was possible. The willingness of the company to be at the forefront in fighting financial crimes both locally and globally can be seen emanating from its easy application of the measures that have been formulated.

Apart from a public awareness campaign promoting the benefits of crypto-assets, Binance has also attempted to convince regulators that cryptocurrencies can benefit the country’s economy. As of last year, our exchange has been registered with Taiwan’s FSC and the Money Laundering Control Act. In this way, Binance’s crossover is evidenced by its commitment and investment in regulatory frameworks and initiatives. Local authorities have already confirmed Binance’s commitment to eliminating virtual asset crimes, therefore increasing the strengthened reputation of the platform’s community.

Taiwan to Tighten Crypto Regulations by the End of 2024

While the authorities are only a few months away from catching up with the recently adopted cryptocurrency regulation, which is to be implemented by mid-2024, the latest harsher action is already been taken. Huang Tianzhu, as chairman of FSC, has raised suspicion about cryptocurrencies, whose popularity could imply the proliferation of unlawful activities. To counter the vexed threats, the FSC intends to strengthen the external supervision of crypto exchanges and impose more fines for insufficiency.

At present, each records ten companies that serve as virtual currency trading platforms. Regulatory authorities have cracked down on handling risks in trading in virtual assets by non-compliant entities. This relational report is part of an overall effort that we are making to attain a secure and transparent cryptocurrency market in Taiwan. The proposed rules that FSC intends to set work on protecting investors and strengthening the uniformity of the financial system.

Also Read: Binance Earns Recognition from Taiwan for Collaborative Efforts in Law Enforcement

Furthermore, the platform has been able to comply with the regulations of the authorities as well as aimed at the education and support of police agencies in the country. The exchange held a cybering course on virtual assets for police officers of the Keelung District Prosecutor’s Office in Taiwan on the 12th of March. The very fact of the launch of such an initiative is a demonstration of the company’s dedication to increasing law enforcement departments’ awareness of the dangers associated with virtual assets and corresponding risks.

Cryptopolitan reporting by Mutuma Maxwell


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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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