🚨 Binance Helps Dismantle Crypto Laundering Network in Casino Junket Labyrinth
Binance’s Financial Intelligence Unit (FIU) has supported Philippine authorities in taking down a $3.75M crypto ransom laundering scheme tied to a high-profile kidnapping case. 💰
Criminals funneled ransom funds through casino junket operators—entities known for organizing VIP gambling tours—to obscure transaction trails before converting to digital assets. 🕵️♂️
Working with law enforcement, Binance provided blockchain analytics tools that helped trace the fragmented flow of funds and identify suspects. Investigators confirmed the exchange’s timely assistance was critical in navigating the complex web of wallets and intermediaries. 🔍
“When crypto is abused, we respond,” Binance CEO Richard Teng said on X.
