Binance Exchange Helps Ukrainian Police Nab $42M Money Laundering Darknet Cartel

Ukrainian law enforcement praised the world’s leading cryptocurrency exchange, Binance, for its input in helping to take down a large-scale darknet money laundering cartel. Ukrainian cyber-police teamed up with Binance to take down a group of cyber attackers for their role in $42 million ransomware and money laundering operations.

According to a joint statement made by Binance and the Ukrainian police, the three arrested individuals distributed malware and laundered stolen funds for more than two years. The report notes that the police seized $200,000 worth of computers, weapons, bullets, money and evidence connecting the three arrested suspects to the crime.

Binance helps identify money laundering darknet cartel

According to Binance, the trio arrested were all from Ukraine and were indicted back in June. The statement also notes that although their operations were based in Ukraine, the Darknet money laundering cartel has deployed a number of attacks worldwide. However, Binance does not disclose information on the size of the cartel or on the firms involved.

Binance started working with the Ukrainian authorities earlier this year, and the partnership seems to have begun to bear fruit. Successful operation is part of Binance ‘s alleged “Bulletproof Exchangers” scheme, which is aimed at tracking transactions between Binance and risky entities.

Binance and Huobi received more than half of all illegal Bitcoin in 2019

Binance participated in a similar criminal investigation in the United Kingdom last September. According to the exchange, it helped UK law enforcement to identify and arrest individuals who defrauded investors of $51 million.

Well, it is a realistic move for Binance to partner with law enforcement to track down illegal transactions. According to a study conducted by blockchain intelligence firm Chainalysis, Binance and Huobi exchanges took in more than 52 percent of all illegal BTC transfers last year. Furthermore, Binance single-handedly accounted for over 27 percent of the whole amount.

Arnold Kirimi: Arnold is a fan of crypto and blockchain. A media specialist experienced in hard-hitting journalism, he is also on the lookout for the latest developments in the cryptocurrency world.