Binance, the world’s largest crypto exchange, is working with Ukrainian law enforcement agencies to crack down on some large-scale money laundering systems.
Work with the exchange, The Ukrainian cyber police identified and arrested a group of criminals involved in a $ 42 million ransom and money laundering operationBinance told Cointelegraph in a criminal investigation report on Aug. 18.
According to the message, The criminal group had laundered millions of dollars in cryptocurrencies since 2018. A Binance representative said the suspects are all Ukrainian citizensand were arrested in June 2020.
According to Binance, the group was mainly active in Ukraine, but also participated in various cyber attacks on a global scale. The spokesman declined to provide additional information on the size of the group or other people and organizations involved.
The success of the criminal investigation comes shortly after Binance began working with Ukrainian law enforcement agencies in early 2020.
The research is part of the aforementioned project “Bulletproof Exchangers” from Binance, which aims Track transactions between Binance and high risk companies.
Research of this type is mainly carried out by the Binance’s internal Risk Intelligence Unit, known as Binance Sentryas well as an analytical arm, the Security Data Science department.
The spokesman for the exchange noted that in addition to Ukraine too Binance handles law enforcement requests from numerous jurisdictions around the world. As reported, the company participated in a similar investigation in the UK in September 2019. The exchange said it helped UK prosecutors investigate an internet fraud that caused victims $ 51 million in losses.
Binance’s efforts to help Ukraine fight local crypto crimes contrast well with an established collaboration between the exchange and the former Soviet republic.. In late 2019, Binance signed a memorandum of understanding with Ukraine’s Ministry of Digital Transformation to help that country develop laws related to cryptocurrencies.
According to a report from the major cryptanalysis company Chain analysis, Binance and Huobi received more than 52% of all illegal Bitcoin (BTC) transfers in 2019, with Binance itself making up more than 27% of the total.