The Financial Crimes Compliance department of Binance has partnered with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office to address a money laundering case involving 200 million New Taiwan dollars ($6.2 million) in digital asset fraud.
Gathering Evidence in Crypto Fraud Case
An official statement revealed that the operation targeted criminals who laundered illegal proceeds through cryptocurrency transactions. The perpetrators used fake remittance documents, counterfeit identification, and manipulated communication records to avoid detection by law enforcement.
With Binance's assistance, Lo Wei-yuan, a prosecutor in the Taipei District Prosecutors Office, was able to gather evidence against nine individuals charged with money laundering , fraud, and organized crime.
In 2023, Binance applied to be registered under Taiwan’s Financial Supervisory Commission (FSC) and Money Laundering Control Act. The exchange has been acknowledged by local regulatory bodies for its cooperation in investigations into digital asset fraud.
Earlier, Binance collaborated with Thai law enforcement to combat cryptocurrency scams, including a major "pig butchering" scam in Thailand, as Finance Magnates reported. Their joint efforts with US Homeland Security Investigation and the Cyber Crime Investigation Bureau led to the arrest of five key criminals and the seizure of THB 10 billion ($277 million) in assets, such as luxury cars and properties.
Taiwan Prepares for Crypto Regulations
Taiwanese regulators are preparing to introduce cryptocurrency regulations by the end of 2024. FSC Chairman Huang Tianzhu has expressed concerns about the use of cryptocurrencies for illegal activities and plans to enhance oversight of crypto exchanges and impose penalties.
Taiwan’s Ministry of Justice has suggested amendments to current AML laws, potentially imposing jail terms of up to two years and fines of up to $1.5 million for noncompliant firms. These amendments aim to strengthen measures against fraud and enhance money laundering prevention for crypto service providers.
