Binance announced its partnership with Indonesia’s Criminal Investigation Agency (Bareskrim) and Tokocrypto to disrupt a significant scam operation. The collaboration led to the identification of several suspects and the seizure of $200,000 in illicit funds.
According to Binance, the investigation into a suspected trading fraud revealed a pig butchering scam network, leading Bareskrim to identify key wallet addresses and arrest individuals managing the stolen funds. This operation underscores the significance of public-private partnerships in fighting financial crimes, with Binance’s Financial Intelligence Unit (FIU) providing essential analysis and support throughout the process.
In November 2023, Bareskrim launched an investigation into a crypto trading website suspected of being involved in fraudulent activities. The inquiry confirmed it was part of a pig butchering scam, resulting in the arrest of multiple suspects and the seizure of ill-gotten funds. Investigators uncovered wallet addresses linked to the suspects through forensic analysis and communication records.
"Because we keep an open communication channel for global law enforcement agencies, we were able to connect with Bareskrim, leading to valuable actions. By working together, we can leverage our combined expertise to effectively track and seize illicit funds, ensuring that the cryptocurrency ecosystem remains secure and trustworthy," said Nils Andersen Röed, head of Binance FIU.
Binance operates as a major global blockchain platform, featuring the largest digital asset exchange by trading volume. The company offers a wide range of financial products and services and is known for its comprehensive ecosystem, which includes educational resources, research, charitable initiatives, and an NFT marketplace. Binance supports users around the clock in 40 languages and prioritizes security and regulatory compliance to protect its users and contribute to the growth of the blockchain industry. In 2022, the platform saw significant activity, with an average daily trading volume of $65 billion and 300 billion spot transactions.