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As the world’s largest cryptocurrency exchange by trading volume, Binance made an official announcement through a tweet, referencing the Federal Newswire Report. Binance declared its support to U.S. law enforcement in seizing and freezing millions of dollars from accounts linked to North Korean organized crime. The Federal Newswire Report revealed that U.S. law enforcement had confiscated funds amounting to $4.4 million.
4.4 Million Dollars of Funds Seized
In its official announcement, Binance stated that it would continue to cooperate with U.S. law enforcement to identify and freeze crime-related funds and contribute to the global fight against crime.
Binance’s official social media accounts and Binance officials repeatedly underlined the company’s ongoing commitment to work with authorized institutions to prevent the use of cryptocurrency in worldwide organized crime and curb illegal crypto activities.
Comments from Binance Officials
Matt Price, Global Intelligence and Investigations Director at Binance, emphasized the transparency of Blockchain technology in a video shared by Binance. He debunked the common myth that cryptocurrencies are anonymous and thus facilitate illegal activities:
The myth that crypto is anonymous and enables illegal activities is actually the opposite. Transactions are recorded publicly, leaving a permanent record of what really happened. Inspectors using investigative tools, investigative powers, legal information request powers can often identify who is conducting these activities easier than in a traditional financial investigation.
