Global leading cryptocurrency exchange, Binance, in partnership with the law enforcement authorities in Ukraine is working to take down some large-scale money laundering schemes.
Working with the exchange, Ukraine’s cyber police have already identified and arrested a group of criminals involved within a $42 Mln ransomware and money laundering operation.
In line with a recent official report by Binance, the criminal group has been laundering several million dollars in crypto assets since 2018. A Binance representative revealed that the suspects were all Ukranian nationals, and were arrested earlier in June this year.
As per Binance, the group was primarily operating in Ukraine but was also involved in several cyber attacks on a worldwide scale. The spokesperson denied to supply additional details about the size of the group, or other individuals and entities involved.
The successful criminal investigation comes soon after Binance began cooperating with Ukrainian enforcement in early 2020.
The investigation is a very first work of Binance’s so-called “Bulletproof Exchangers” project that aims to trace down transactions between Binance and high-risk entities.
Investigations of this type are primarily conducted by Binance’s internal risk intelligence unit referred to as Binance Sentry also as an analytics arm, the Security Data Science division.
Alongside Ukraine, Binance handles enforcement requests from numerous jurisdictions across the world, the exchange representative added. As reported, Binance was involved during a similar investigation within the U.K. earlier in September last year. The exchange added that Binance helped British prosecutors investigate a web fraud that caused $51 Mln in losses to victims.
Binance’s efforts to assist Ukraine combat local crypto crimes comes against the backdrop of a longtime cooperation between the exchange and therefore the former Soviet republic. Also earlier in last year, Binance signed a MoU with the Ukrainian Ministry of Digital Transformation to assist Ukraine develop cryptocurrency-related legislation.
In line with an another report by the renowned cryptocurrency analytics firm Chainalysis, Binance and Huobi exchange received over 52% of all illicit Bitcoin [BTC] transfers solely in last year, with Binance itself accounting for over 27% of the whole.