Binance assists the U.S. Drug Enforcement Administration in uncovering evidence of a drug trafficking gang laundering millions of dollars

ChainCatcher news, according to Forbes, a U.S. Drug Enforcement Administration (DEA) investigation has revealed that a drug trafficking gang operating in the U.S., Mexico, Europe, and Australia laundered millions of dollars through Binance.

The investigation began in 2020, with several DEA informants interacting with users wanting to exchange cash on the cryptocurrency forum localbitcoins.com. By monitoring the so-called cash couriers, undercover agents arrested Mexican citizen Echavarria last year, who confessed to drug trafficking and money laundering charges. Subsequently, with Binance's assistance, the DEA tracked 75 cryptocurrency transactions involving Echavarria and the undercover agents, totaling $4.7 million, and identified some associated accounts.

It is reported that Binance collaborated with the DEA earlier this year to seize over 100 accounts linked to suspected drug money laundering activities in Mexico. Binance's senior investigations director, Matthew Price, stated that the Echavarria case demonstrates that the transparency of blockchain transactions is an important use case against criminals. (Forbes)