Six Binance accounts linked to drug traffickers were seized by federal officials.
A U.S. Court in Eastern Michigan Grant A civil forfeiture request for $1.8 million in the current value of cryptocurrencies. They were seized in May 2022 in an operation to disrupt a cash flow that funneled the proceeds from narcotics sales into Mexico via stablecoins.
According to court filings and a source familiar with the matter, the cash couriers would deposit drug trafficking money into Binance and use Binance to buy USDT and bitcoin (BTC) and then send the crypto directly to a Mexican criminal organization.
The criminal complaint named six Binance accounts.
Sources familiar with these matters say that Binance and DEA have a “pretty close” relationship. DEA officials and Binance staff meet regularly to exchange intelligence that is used to calibrate Binance’s anti-money laundering policies, and aid DEA operations.
This is part a continuing effort by Mexican cartels in Binance to launder money.
Per previous reportsSince early 2020, Binance has been used by Mexican gangs. Carlos Fong Echavarria, a Mexican national, pleaded guilty to drug trafficking and laundering approximately $4.7 million in crypto.