Binance, the world’s largest crypto exchange, has aided US law enforcement in seizing and freezing millions of dollars from accounts associated with North Korean organized crime.
A recent press release announced that the exchange’s investigations team had collaborated with US authorities to take action against individuals linked to criminal activities in North Korea.
The exchange proudly declared its contribution in a tweet, stating:
We are proud to have assisted US law enforcement in seizing $4.4M and freezing accounts linked to North Korean organized crime.”
Binance applauded its law enforcement partners and investigations team for their unwavering dedication to combating crime globally. It emphasized that it had proactively acted against these accounts over a year ago, following legally served warrants and in close coordination with authorities.
According to the US Department of the Treasury, the Office of Foreign Assets Control (OFAC) has sanctioned several entities and one individual involved in criminal cyber activities that support the Democratic People’s Republic of Korea (DPRK) government’s goals.
The Treasury highlighted the DPRK’s extensive illicit cyber operations, which generate funds for unlawful weapons development, including ballistic missiles.
Additionally, Under Secretary of the Treasury for Terrorism and Financial Intelligence, Brian Nelson underscored the importance of curbing the DPRK’s illicit revenue generation activities.
He emphasized the United States’ commitment, along with its partners, to combat the regime’s ongoing efforts to steal money from financial institutions, virtual currency exchanges, companies, and individuals worldwide.
Binance: Blockchain’s Role in Exposing Illicit Financial Operations
Moreover, Binance’s head of Financial Crimes Compliance, Tigran Gambaryan, also expressed his motivation for joining the cryptocurrency industry, citing the technology’s transparency as a tool for catching criminals.
Gambaryan, who had a background in law enforcement and IRS criminal investigations, recognized the opportunities presented by the crypto world.
Throughout his career, he has contributed to catching criminals involved in various illegal activities, such as child abuse, drug trafficking, and public corruption, thanks to cryptocurrency’s transparency.
Matt Price, Binance’s global head of intelligence and investigations, debunked the misconception that cryptocurrencies are anonymous. He explained that the public record of blockchain transactions makes it easier for investigators to identify individuals involved in illicit activities.
Price emphasized that investigators utilizing their lawful powers and investigative tools find tracking and tracing crypto-related crimes more convenient than traditional financial investigations.
Nevertheless, Binance’s collaboration with US law enforcement demonstrates the potential for the cryptocurrency industry to combat illicit activities actively.
However, as regulatory measures continue to strengthen, exchanges like Binance are working closely with authorities worldwide to prevent crimes and take action against bad actors.