Binance is reportedly partnering with Taiwanese officials to solve financial crimes. The exchange’s Financial Crimes Compliance (FCC) department reportedly collaborated with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office to resolve a financial crime of over $6.2 million.
The crime allegedly involved criminals using crypto platforms to launder stolen digital assets. The criminals tried to evade authorities by using fake identities, false remittance documents, etc. Official reports from Binance claimed the fraudsters presented fake customer conversation records to create false impressions of legitimate transactions.
Source: X
Binance’s financial crimes unit helped provide useful insight to Taiwanese authorities, which helped to detect fraudulent operations. Lo Wei-yuan, a prosecutor from the Taipei District Prosecutors Office, worked with Binance to investigate nine individuals. These individuals face charges of money laundering, fraud, and organized crime.
Binance Steps Up Compliance Efforts
Binance has taken steps to improve its ties with regulators. Part of this includes helping them detect digital fraud. The crypto exchange reportedly arranged an online meeting with the prosecutors and investigators in Taiwan. This meeting was to plan their strategy together.
The trading platform also conducted a training program to help law enforcement detect financial and cybercrimes. Local authorities in Taiwan have praised Binance for its help in investigating digital asset fraud.
The crypto exchange has enjoyed an increased presence in the Taiwanese market. Binance applied to register under Taiwan’s Financial Supervisory Commission (FSC) and the Money Laundering Control Act in 2023.
Source: X
The digital assets platform also held a training workshop for the Keelung District Prosecutors Office in Taiwan in March. The event helped expose local enforcement to strategies for fighting digital crimes.
Taiwan to Introduce New Laws
The crypto landscape in Taiwan could be set for a change as the nation’s regulators are reportedly planning to introduce new laws by the end of 2024. Huang Tianzhu, chairman of the FSC, is concerned about the illegal use of cryptocurrencies. He plans to enforce penalties on violators.
Part of the law requires foreign exchanges to comply with AML policies. Taiwan plans to leverage this rule change to reduce money laundering activities.
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