Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

  • Binance Financial Crime Compliance Department aided Taiwan authorities in a case involving money laundering. 
  • The exchange provided key intelligence and assistance to the Investigation Bureau of Taiwan. 
  • BNB sustained above key support at $570 on Friday. 

Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million. Binance, which has been accused in several jurisdictions of not providing enough oversight to fight money laundering, said it has previously worked with law enforcement agencies and aided criminal investigations. 

The exchange published a press release detailing the investigation on Friday. The suspects were involved in money laundering through digital assets and falsified customer conversation records, remittance proofs and forged identity data. 

Binance aids authorities in money laundering case

Binance’s FCC team offered their insights on crypto flows, set up an online meeting with investigators and prosecutors and helped identify suspects in a money laundering case, the exchange said. 

In February, Binance shared a training session with the INTERPOL, bringing expertise in blockchain investigation to law enforcement officers. Earlier this month, the exchange collaborated with the Netherlands' Fiscal Information and Investigation Service to freeze millions of Euros linked to the ZKasino scam. 

The exchange announced a launch of a series of law enforcement training programs and plans to cooperate with a dozen different units that include over a thousand personnel in Taiwan. 

Binance’s native token BNB sustained above key support

BNB sustained above support at $570 on Friday. The exchange’s native token is trading at $576 on Binance, up 1.18% on the day. BNB is testing resistance at $577, the 23.6% Fibonacci retracement level of the climb from the March 5 low of $356.1 to the March 16 top of $645.20. 

In case of a decline, BNB could sweep liquidity at $534.8, the 38.2% Fibonacci retracement level. BNB’s Relative Strength Index (RSI) reads 48.44, close to the neutral level, while the Moving Average Convergence Divergence indicator shows red histogram bars below the neutral line, supporting the bearish thesis.


BNB/USDT 1-day chart 

Looking up, BNB could return to the March 16 top of $645.20. On its way, the token faces resistance at the May 14 high of $593.10.

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