Binance And Taiwanese Government Cooperate To Fight Crimes Related To Crypto

Binance partnered with the Taiwanese government. (Photo; Doc. Conseil Crypto)

JAKARTA - In an effort to combat fraud related to crypto assets, Taiwanese authorities are collaborating with the world's largest crypto company Binance. On the other hand, Binance itself is known to be proactive and often provides support in fighting crypto-related crimes including fraud.

This collaboration is part of Taiwan's initiative to increase compliance in the virtual asset investment sector. So far, nine crypto exchanges have collaborated with Taiwan's Ministry of Home Affairs, affirming a shared commitment to fighting crypto asset fraud. Despite thousands of international virtual asset service providers (VASPs), Binance stands as the only one directly involved in law enforcement efforts in Taiwan.

This collaboration has yielded concrete results. Last November, according to News Bitcoin data, Taiwanese authorities managed to confiscate USDT assets worth more than $320 million from a fraudulent scheme run by an individual named Quiu. This is one of the largest seizures Taiwan has ever carried out against an individual.

Responding to the trend of increasing fraud involving crypto assets, Taiwan's Financial Supervisory Commission (FSC) may implement additional sanctions and special laws this year to target similar crimes. Meanwhile, the crypto industry in Taiwan continues to grow, with more than 50 virtual operators having expressed interest in entering the Taiwan crypto market in September.

Binance has not only played a role in law enforcement but has also expanded law enforcement training programs in Taiwan. Through a series of training courses, Binance improved the knowledge and skills of officers in dealing with crypto crimes.