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Taiwanese prosecutors, in collaboration with the cryptocurrency exchange Binance, successfully charged nine individuals with money laundering and fraud. This effort was part of a larger initiative led by Binance’s Financial Crimes Compliance (FCC) department, in partnership with the Taiwan Ministry of Justice Investigation Bureau and the Taipei District Prosecutor’s Office, which resolved a cryptocurrency fraud case worth 200 million New Taiwan dollars ($6.2 million).
Binance’s Role in Investigation and Evidence Collection
The operation revealed how criminals used cryptocurrency transactions to launder illegal proceeds. The fraudsters used fake money transfer documents, false identities, and manipulated customer communication records to evade law enforcement detection. Prosecutor Lo Wei-yuan from the Taipei District Prosecutor’s Office was able to gather comprehensive evidence against the nine accused individuals and charge them with money laundering, fraud, and organized crime by collaborating with Binance.
Binance played a significant role in this operation by organizing a cross-border online meeting with investigators and prosecutors to strategize cooperation efforts. Binance is known for actively collaborating with law enforcement agencies worldwide, going beyond standard compliance measures. In line with this, Binance launched the industry’s first training program for law enforcement to help detect financial and cyber crimes and prosecute offenders.
In 2023, Binance applied for registration under Taiwan’s Financial Supervisory Commission (FSC) and the Anti-Money Laundering Control Act. Local regulatory bodies acknowledged Binance’s cooperation in assisting with cryptocurrency fraud investigations. Additionally, in March, Binance hosted a cryptocurrency law enforcement training workshop for officials from Taiwan’s Keelung District Prosecutor’s Office, sharing its expertise in combating crypto-related crimes.
Upcoming Cryptocurrency Regulations in Taiwan
Meanwhile, Taiwanese regulators are working to implement cryptocurrency regulations by the end of 2024. FSC Chairman Huang Tianzhu expressed concerns about the use of cryptocurrencies for illegal activities and stated plans to increase oversight of crypto exchanges and impose penalties. Under the proposed law, foreign cryptocurrency platforms will face criminal sanctions unless they establish local branches and comply with Anti-Money Laundering (AML) regulations.
Taiwan’s Ministry of Justice recently proposed amendments to existing AML laws that could result in up to two years of imprisonment and fines of up to $1.5 million for non-compliant crypto companies. These changes aim to strengthen the crackdown on fraud and enforce stringent anti-money laundering measures for crypto service providers.
