The biggest exchange in the world has not stopped strengthening its relationship with law enforcement agencies.
Binace and some law enforcement agents in Ukraine are working together to stop money launderers.
Binance has helped the cyber police in Ukraine to catch some criminals who had up to $42 million gotten from ransomware. Binance informed Cointelegraph about this development today.
It was also discovered that this same gang has been involved in money laundering through cryptocurrencies for the past two years. Someone from Binance revealed that the suspects were citizens of Ukraine and were caught two months ago.
Binance found out that the gang started in Ukraine before they expanded their cyber attacks to other countries. The spokesperson didn’t talk about how many people made up the gang as well as their supporters.
This success in apprehending the criminals couldn’t have been achieved if Binance didn’t cooperate with the police in Ukraine. This cooperation actually started just few months ago, this year.
Binance is pleased to carry out investigations like this to protect it from being involved in criminal allegations.
Binance has two divisions that do this kind of investigation. They are Binance Sentry and the Security Data Science division.
Apart from Ukraine, the spokesperson also revealed that Binance works together with law enforcement agents in other countries to track down illicit operations. For example, Binance helped the U.K. police perform a similar investigation last year. Some British investors lost $51 million to an online scam and they reported the matter to the police.
Binance didn’t hesitate to help the Ukrainian police in its investigation because of its relationship with the old Soviet republic. Binance has been involved in developing crypto regulations since last year when it signed a deal with the Ministry of Digital Transformation.
A report from Chinalysis states that most money laundering activities last year was done through Binance and Huobi exchange. Chinalysis data says Binance alone had more than 27% of all illegal activities done through it while 52% of the total was carried out through Binance and Huobi.