Binance Helps The Police To Take Down A $42M Crypto Laundering Ring

Binance helps the police to take down a $42 million crypto laundering ring that was operating on its platform so let’s read more in the binance news today.

Binance played a key role in the taking down of three suspects in a Ukrainian money laundering scheme as the criminals were able to launder $42 million through exchanges over the past two years. They were eventually arrested in June in connection to two other crimes. Binance helps the police this time by revealing the secret security project which helped the police take down the gang that laundered money over multiple exchanges over the past two years.

The exchange’s security team worked together with RegTech firm TRM to try and identify the transactions between Binance and “Bulletproof Exchanger” which is an exchange with relaxed identity checks that are perfect for criminals that are laundering money. At the start of the year, the exchange allocated more resources to look into the issue according to a blog post and what they found surprised them.

Binance worked with Ukraine’s Cyberpolice and was able to unveil a “cybercriminal organization responsible for a ransomware campaign and the laundering of more than $42 million in cryptocurrencies over the last two years.” Three arrests were made in June and the cyber police apprehended the suspects in Poltava. They also found more than $200,000 worth of computer equipment and cash and assault rifles, machine guns, and ammunition.

money laundering

The Cyberpolice in June explained that the criminals laundered money in 20 online exchanges and placed advertisements on forums on the dark web. The suspects could face up to eight years in prison. Binance once wanted to evade authority but today it played a big role in fighting down crime. Back in 2019, it signed a memorandum of understanding with the Ministry of Digital Transformation of Ukraine which means that Binance will help the government create a transparent and effective mechanism for crypto trading.

The crypto exchange explained in their press release about the laundering bust and said:

“For the health and sustainability of the entire industry, it is important to identify and help bring to justice those who abuse cryptocurrency and negatively affect the industry and its reputation.”

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