Binance helps police seize $42 million in crypto money laundering ring
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Answer Binance helps police seize $42 million in crypto money laundering ring
Cryptocurrency exchange Binance yesterday revealed a secret security project that this year helped Ukraine’s cyber police take down a criminal gang that Ukrainian authorities allege laundered $42 million through crypto exchanges over the past two years.
The Binance security team worked with RegTech TRM to identify transactions between Binance and the money laundering ring and reveal their identity through identity checks located on Binance.
At the beginning of this year, Binance dedicated additional resources to looking into suspicious activities related to money laundering, according to its blog post. published Recently.
Binance told that through cooperation with Ukrainian “Cyberpolice,” a cybercriminal organization was exposed responsible for the ransom campaign and laundering of more than $42 million in cryptocurrency over the past two years.
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Three arrests took place in June, as the Ukrainian cyber police arrested the suspects in the Poltava region.
They also found more than $200,000 worth of computer equipment and cash, as well as rifles, weapons and ammunition.
Cyberpolice reported last June that criminals laundered money at about 20 online cryptocurrency exchanges, placing ads on forums on the dark web.
If convicted, the suspects face up to eight years in prison.
But only yesterday, it was revealed Binance’s assistance in this case, as the platform played a pivotal role in the arrest of this gang, and Binance’s cooperation with the Ukrainian police came after signing a memorandum of understanding with the Ministry of Digital Transformation in Ukraine.
Binance commented on the arrest of the suspects by saying:
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For the health and sustainability of the entire industry, it is important to identify and stop those who misuse cryptocurrencies and negatively impact the industry and its reputation.
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