After arresting three men believed to be tied to a criminal group that laundered $42 million, police in Ukraine have recently revealed that Binance helped the investigation, the largest cryptocurrency exchange in trading volumes. According to a statement from Ukrainian cyber police, the department has been working with Binance since early 2020 to bring the alleged criminals into custody. This was achieved by using algorithms to analyze and detect transactions potentially linked to financial crimes and fraud.
Binance provided additional resources to help the investigation crypto scams.
The crypto exchange giant Binance released a statement of its own, stating that it provided additional resources to “dive deeper into the potential methods” used by the fraudsters, who have been accused of laundering money using cryptocurrency. “Suspicious activity detected and analyzed by the Binance Sentry team, in collaboration with the Cyber Police of Ukraine, led to the identification and arrest of a cybercriminal organization responsible for the laundering of more than $42 million in cryptocurrencies over the last two years,” Binance revealed in the statement.
Fraudsters may face up to eight years in prison.
The investigation by Ukraine Police, with the help of Binance, led to the criminal group being exposed earlier this year in June. The cryptocurrency scam, which lasted for two years, saw the fraudsters carry out financial transactions worth $42 million. The three defendants in this case who were arrested in June face up to eight years in prison. The pre-trial investigation into the cryptocurrency scam case is ongoing. The crypto industry has progressed a lot over the last few years, and along with that crypto scams have also increased worldwide. The crypto exchange giant Binance has also expanded its services to several countries in the past few years.
