Binance Aids in Freezing $4.4M Linked to Organized Crime

Binance reveals in a tweet that it helped assist US law enforcement.
The exchange froze the accounts of unsavory individuals.
This led to a seizure of $4.4 million of funds connected to North Korean organized crime.

Binance was honored to share its story on how it assisted US law enforcement in its seizure of $4.4 million from accounts linked to North Korean organized crime. Furthermore, Binance froze the accounts linked to these unsavory activities.

As we can see from the tweet above, Binance goes on to commend US law enforcements as well as the Binance Investigations team for their active work of putting a stop to crime across the world. The thread goes on to explain Binance’s role in this investigation.

In detail, Binance reveals that the crypto exchange took a more proactive role against the accounts connected to the unsavory individuals over a year ago. In compliance with lawfully obtained warrants, Binance was always working closely with the law.

It goes on to explain that due to the transparent nature of blockchain, law enforcement were able to uncover these specific kinds of criminal acts. In addition, Binance makes it clear that they are constantly working with authorities across the world every day to assist them in catching criminals.

The tweet also shares an official statement from US authorities that explains in-depth all one needs to know about the entire case.

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In a nutshell, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) went on to impose sanctions on four entities and one individual involved in malicious cyber activities and illicit information technology (IT) worker operations that support the Democratic People’s Republic of Korea (DPRK) Government.

These actions are part of the ongoing efforts to counter the DPRK’s illicit revenue generation activities, which fund the regime’s unlawful weapons of mass destruction and ballistic missile programs.

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Lauren Cole

A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.