💸 Binance and the Police

💸 Binance and the Police

Binance provided analytical support to the police in India 🇮🇳, aiding in the dismantling of a fraudulent organization known as "M/s Goldcoat Solar". Binance is also a regular collaborator with authorities in Hong Kong 🇭🇰 and Macau🇲🇴 for similar investigations.

➡️ The operation led to the arrest of several individuals and the seizure of over 100,000 USD in cryptocurrency.

➡️ The scheme involved money laundering via solar energy projects and fraudulent SIM cards. While genuine, the SIM cards were registered under the names of individuals unaware of the scheme.

➡️ Funds were distributed across multiple bank accounts, with some portions converted into cryptocurrency to complicate tracking efforts.

➡️ Binance also recently assisted in India to close down a fraudulent online gaming app that defrauded users of 47.6 million USD.

😏 In Argentina 🇦🇷, Binance has extended its cooperation: it has begun sharing information with the local tax agency. Transactions over 340 USD and users with a monthly balance of 580 USD or more are under review. Additionally, the National Securities Commission (CNV) now requires KYC for users and mandates reports on transactions exceeding 1000 USD. If certain transactions are flagged as suspicious, user accounts may be blocked.

#news #crypto #India #Argentina

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