Binance assists Brazilian Federal Police in freezing R22 million of crypto and 65 bank accounts in Lusocoin laundering investigation.
Binance has been instrumental in helping the Federal Police of Brazil to reclaim about Rf22 million in Bitcoin and various other cryptocurrencies (4.5 million dollars).
This was achieved in operation Lusocoin, which attacked a complex money laundering and money evasion system operated through crypto assets, which was mostly done remotely in Dubai.
The Federal Police conducted organized operations in Pelotas, Florianopolis, São José, and Dourados. The operation had frozen 30 crypto wallets and several bank accounts with a total of 65 persons and six properties and six vehicles linked to the criminal organization.
The 2nd Federal Court of Santa Maria approved the freezes, and authorities project the total seizure of frozen assets at over R$3 billion.
Crying Foul on Crypto Laundering Around the World.
Investigations showed that the group laundered approximately R$50 billion in complicated crypto and fiat transactions. The black market funds were useful in drug trafficking, smuggling, money laundering, and financing of terrorism.
Its operations date back to Pelotas during the times of the pandemic, followed by extending to Florianópolis, and coordinated by Dubai.
The compliance and blockchain intelligence departments of Binance closely worked with the Federal Police and used technology to detect and freeze suspicious digital wallets.
Approximately 4.3 million USDT were frozen, which prevented the further flow of the illegal cryptocurrency, indicating the increasing role of Binance in the global fight against financial crime.
Binance: Tech Partner in Law Enforcement.
Binance highlighted the importance of compliance and said that its Financial Intelligence Unit continues to be ahead in combating financial crime.
The exchange strengthened the fact that international collaboration is essential in monitoring and preventing illicit crypto operations.
Operation Lusocoin has highlighted how successful frontlines between governments and businesses can be in addressing dynamic risks in crypto ecosystems.
With the ongoing case, police anticipate making new arrests and seizing more property. The role played by Binance and crypto intelligence company TRM Labs was essential in tracking the trail of criminal money and stopping the disbursement of assets.
