The world’s largest exchange reinforces its cooperation with law enforcement agencies
Binance, the world’s largest cryptocurrency exchange, is cooperating with Ukraine police department in order to reveal significant money laundering models
Based on the information provided by Binance to Cointelegraph, the cooperation has enabled Ukrainian cyber police department to find and arrest a group of criminals being the part of a $42 million ransomware and money laundering operation.
As cyber police representative mentioned the group of criminals had been dealing with the laundering millions of dollars in cryptocurrencies since 2018. A Binance representative mentioned the criminals all had been Ukrainians and had been detained in June 2020.
According to Binance, the group primary target had been Ukraine, though they had been the part of several international attacks as well. The investigation additional details had not been mentioned.
The successful investigation of this crime became possible after the start of cooperation of Binance with Ukraine police department at the beginning of 2020.
The investigation is made in frames of Binance’s so-called “Bulletproof Exchangers” project supposing the monitoring of the transactions between Binance and high-risk organizations.
Investigations of this type are initially made by Binance’s internal risk intelligence department (Binance Sentry) and analysts department (Security Data Science division).