ℹ️ Binance dismantles a $3.75 million money laundering network hidden in casinos
The cryptocurrency platform Binance revealed on June 13 that its financial intelligence unit had assisted Philippine authorities in dismantling a sophisticated ransom kidnapping network, during which $3.75 million was laundered through cryptocurrencies. The criminals used intermediaries in casinos to transfer ransom payments before distributing the funds through digital asset channels.
Binance explained that its tools helped identify the suspects and track illicit financial flows on the blockchain. The platform also froze more than $3.5 million in assets associated with the network, thereby disrupting its financial infrastructure.
Officials stated that tracking the funds was difficult due to the complexity of the financial layers involved in casino operations, but the help from "Binance" was crucial in advancing the investigation. The platform also emphasized its previous cooperation in dismantling criminal networks in Thailand and Malaysia, stating that the transparency of the blockchain provides new tools to combat financial crimes.
Despite the challenges posed by cryptocurrencies, this cooperation shows how blockchain technology can be used to enhance transparency and track illegal activities.
