Binance was used by a global drug cartel to launder millions of dollars.
From $42 million in crypto, at least $16 million of which came from drug money.
Binance, a major crypto exchange, was purportedly utilized by a Mexican-based international drug cartel to launder millions of dollars, and the exchange assisted police in identifying the criminals. And CZ has stated that, unlike the currency, crypto is not a useful instrument for unlawful activity because blockchain is transparent.
According to a search warrant issued by the US Drug Enforcement Administration (DEA), between $15 million and $40 million has been laundered through the world’s largest crypto exchange as per Forbes.
And Binance revealed plans earlier this year to buy a majority share in Forbes and is seeking to identify culprits.
Binance Assisted in the Tracing of Funds
The investigation began with Binance in 2020, and at the time, many DEA agents were communicating on the crypto trade platform localbitcoin.com with a me
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