Binance representative claims that the company continues “monitoring <Binance> platform for nefarious nation-state actors and collaborating with law enforcement.”
Binance, the largest crypto exchange in terms of daily trading volumes, has publicly announced its role in aiding US law enforcement in confiscating a substantial $4.4 million in crypto assets tied to North Korean cybercriminal groups.
On May 25, Binance took to Twitter to reveal its involvement through its internal investigative team, Binance Investigations, in an operation that targeted the illegal revenue-making activities of four recently sanctioned North Korean entities.
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The Department of the Treasury’s Office of Foreign Assets Control (OFAC) confirmed in a statement on May 23rd that it had imposed sanctions on four entities and one individual linked to “malicious cyber activities” that prop up the Democratic People’s Republic of Korea (DPRK) Government.
The sanctioned entities include the Pyongyang University of Automation, the Chinyong Information Technology Cooperation Company, the 110th Research Center, and the Technical Reconnaissance Bureau.
According to the Treasury, Chinyong employs a large workforce of IT professionals globally who generate revenue to fund North Korea’s prohibited WMD and ballistic missile programs. These employees are known to use fake or stolen identities to secure overseas IT and crypto-related jobs, sending the payments back to the DPRK through crypto exchanges.
In the statement regarding the matter, crypto exchange Binance affirmed:
We proactively took action against accounts connected to these individuals over a year ago, in compliance with lawfully served warrants and in collaboration with law enforcement.
When asked about potential future collaborations with law enforcement, a Binance representative reassured that the company remains vigilant against illicit activities on its platform, stating that they are “continuously monitoring <Binance> platform for nefarious nation-state actors and collaborating with law enforcement.”
In other Binance-related news, the crypto exchange has recently refuted allegations of customer fund mismanagement.
This collaboration between Binance and US law enforcement is a significant leap in curtailing illicit activities in the crypto realm. The successful seizure of $4.4 million worth of crypto assets from DPRK-linked cybercrime syndicates highlights the potential for the crypto industry to play a proactive role in thwarting illegal activities globally.