Binance's internal data security team assisted Ukrainian cyber police in uncovering an alleged cryptocurrency money laundering operation in JuneThe Ukrainian authorities stated that this unnamed organization distributed ransomware, flushed out $42 million of hacker funds, and established a powerful dark web money laundering network during two years of operation.
In late June 2020, three suspects were arrested. At the time, the Ukrainian cyber police force said it had seized $200,000 in computer equipment, weapons, ammunition, cash, and “digital evidence”, linking the three to two years of money laundering activities.
On Tuesday, cyber police confirmed that Binance had assisted in cracking the ring. The head of the department, Oleksandr Hrynchak, cited the cryptocurrency exchange's fraud detection strategy and crypto tracking technology in the press release. The exchange said in a statement that the "sentinel" department within Binance worked with blockchain analysis company TRM Labs to detect and identify the group. The money laundering bubble appears to be Binance's first successful cooperation under its "Bulletproof exchanger" program, which aims to detect and destroy illegal cryptocurrency participants. Binance stated that it "allocated more resources to ongoing anti-money laundering projects" earlier this year