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Shocking Revelation: Binance Loses $1.8M To DEA Seizure in 2022!

Key Points:

Six Binance accounts linked to drug traffickers had roughly $1.8 million in cryptocurrencies seized by federal agents.
Binance 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 BNB workers regularly meet to share intelligence.
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.

Six Binance accounts linked to drug traffickers had roughly $1.8 million in cryptocurrencies seized by federal agents.

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.

The criminal complaint cited six Binance accounts

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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Annie

Coincu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.