In collaboration with cryptocurrency trading platforms Binance and Tokocrypto, the Indonesian Criminal Investigation Agency, known locally as Badan Reserse Kriminal (Bareskrim), busted a major cryptocurrency scam, arresting suspects and confiscating $200,000 (11.2 million dollars) in stolen funds.
What is the meaning: The operation highlights the importance of public-private partnerships to combat crypto fraud and ensure a safe ecosystem for users.
Key details: The scam, which was first discovered in November 2023, was part of a pig slaughter operation involving fraudulent cryptocurrency trading.
- The role of Tokocrypto: Bareskrim first asked for help through Tokocrypto, then the local crypto exchange referred the case to Binance’s Financial Intelligence Unit (FIU).
- The investigation itself: Investigators found key wallet addresses, around 50 mobile phones and local bank cards linked to the scam.
- Binance’s role: Binance FIU provided key forensic analysis of the discovered wallet addresses.
Key quotes:
maulana ferry, A Bareskrim researcher, appreciated the efforts of Tokocrypto and Binance FIU to help stop bad actors:
“The success of this operation demonstrates our commitment to fighting financial fraud and protecting the public. The partnership with Binance FIU and Tokocrypto has been instrumental in unraveling the complexities of this case and bringing the perpetrators to justice. “We will continue to pursue all leads to ensure those involved are held accountable.”
Nils Andersen Roed, The head of Binance FIU, emphasized the importance of public-private collaboration in the fight against financial crimes, noting that his department handled 58,000 law enforcement requests globally in 2023, up from 50,000 in 2022:
“Because we maintain an open communication channel for global law enforcement agencies, we were able to connect with Bareskrim, which led to valuable actions. Working together, we can leverage our combined expertise to effectively track and seize illicit funds, ensuring the cryptocurrency ecosystem remains secure and trustworthy.”
what to look at: The case is still ongoing and more leads are being followed.
Binance in PH: Binance has also been involved in the past with the country’s authorities.
- In 2022, Binance’s then APAC head Leon Foong and Philippines general manager Kenneth Stern participated in the Senate Committee on Banks, Financial Institutions and Currencies session, sharing Binance’s expertise with global regulators.
- That same year, the international cryptocurrency exchange, in partnership with the Cybercrime Investigation and Coordination Center under the Department of Information and Communications Technology, held a “Cryptocurrency and Cybersecurity Training” seminar in Quezon City, with law enforcement agencies.
- However: It should be noted that the exchange’s websites remain banned in the country, and the Philippine SEC recently expressed optimism that its request to remove the Binance apps from the Google and Apple stores will be granted, as part of its continued efforts to remove the Philippines global crypto exchange and safeguard investors.
worth reading: Recently, Binance’s Indonesian subsidiary Tokocrypto received a full license as a physical crypto asset trader from the Indonesian Commodity Futures Trading Regulatory Agency (Bappebti).
This article is published on BitPinas: Crypto Exchanges Binance and Tokocrypto Help Indo Police Crack Down on Cryptocurrency Scam
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