Binance goodwill has yet been boosted again after working alongside the US Drug Enforcement Agency (DEA) to disrupt a pipeline that moves money generated through the sale of psychoactive substances.
According to the filing, the drug traffickers are selling narcotic substances from Michigan to Mexico using stablecoins.
However, the US District Court for the Eastern District of Michigan approved the forfeiture of $1.8 million in the current value of cryptocurrency which was seized back in 2022 during the operation to disrupt the pipeline of the sale of narcotics from Michigan to Mexico.
According to a source with knowledge of the matter and the court filing, the couriers would deposit money earned via the sale of narcotics and buy the stablecoin USDT and Bitcoin using the Binance exchange and send the crypto to an address controlled by the drug traffickers, the complaint mentioned six Binance accounts involved in the crime.
Binance’s CEO responded to the news on Twitter, affirming a statement from the report by CoinDesk that Binance’s relationship with the Drug Enforcement Agency is “pretty tight”.
Binance staff usually meet the DEA officials to share intelligence which has been helpful in fight money laundering, the spokesperson added.
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