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Binance’s Financial Crimes Enforcement Department (FCC) recently partnered with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutor’s Office to prevent a NT$200 million ($6. 2 million) cash laundering operation, Binance said in a press conference today.
As reported, the suspects in this case were involved in complicated cash and virtual asset laundering activities. They created fake visitor verbal exchange records, evidence of remittances, and fake identity verification data to hide their illegal operations and appear legitimate.
Binance temporarily responded to the authorities’ request by hosting an online meeting with investigators and prosecutors. Binance’s FCC team has come up with specialized recommendations stemming from its investigation of crypto flows, helping to identify suspects.
Prosecutor Lo Wei-yuan charged nine other people with thwarted fraud and violations of the Money Laundering Control Act and the Organized Crime Prevention Act.
According to Binance, the case highlights the effectiveness of public-private partnerships in the fight against monetary crimes. Binance’s ongoing commitment to user protection and its engagement with law enforcement around the world continues to play a role in maintaining the integrity of the virtual asset ecosystem.
Binance has a history of contributing to law enforcement movements in other countries, including the Netherlands and India.
Binance’s collaboration with the Taiwanese government is a developing trend towards public-private collaboration to combat monetary crimes, especially those involving virtual assets.
Tether, the world’s leading stablecoin issuer, has consistently collaborated with global regulators on crackdowns on anti-money laundering.
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