Key Points:
In May 2022, as part of an operation to sabotage a cash pipeline that was directing the proceeds of drug sales to Mexico via stablecoins, cryptocurrencies worth roughly $1.8 million in today’s value were seized. A U.S. Court in Eastern Michigan granted a civil forfeiture request for those cryptocurrencies.
According to court documents and a source with knowledge of the situation, the cash couriers would deposit money from drug trafficking, use BNB to buy bitcoin (BTC) and USDT, and then send the cryptocurrency to a specific address controlled by a criminal group in Mexico.
According to someone who collaborates with law enforcement on these issues, BNB and the DEA have a “very tight” working relationship. In order to calibrate Binance’s anti-money laundering measures and support DEA activities, DEA officers and Binance workers regularly meet to share intelligence.
This is a continuation of Mexican cartels’ ongoing campaign to use BNB as a money-laundering conduit.
Mexican gangs have reportedly been utilizing BNB since the beginning of 2020. Carlos Fong Echavarria, a citizen of Mexico, entered a guilty plea in 2021 to allegations of drug trafficking and laundering almost $4.7 million in cryptocurrency.
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