News

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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

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.

Recent Posts

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

43 minutes ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

2 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

2 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

2 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

4 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

4 hours ago

This website uses cookies.