Binance deletes accounts of Suex Bitcoin exchange. The CEO of the Binance cryptocurrency exchange, Changpeng Zhao (CZ), approved the inclusion of the Suex Bitcoin exchange in the US sanctions list and shared details of his participation in the investigation.
He recalled that Binance cooperates daily with law enforcement agencies around the world to prevent illegal activities.
“We have improved our approach to investigating potentially illegal activities. With the help of AI and the creation of an internal investigation team of experienced law enforcement officers,” CZ wrote.
Internal security measures
According to the results of their audit, earlier this year they identified several accounts associated with Suex addresses. In accordance with internal security measures, Binance removed them from the platform.
Binance passed all information about the addresses and other details of the internal investigation to law enforcement agencies.
In general, CZ called the sanctions against the Suex Bitcoin exchange a positive event. For the industry and the trajectory of its development.
The company to develop software
Recall that on September 21, the United States Department of the Treasury included legal entities and the Suex exchange website, as well as 25 addresses associated with it in the Bitcoin, Ethereum and Tether networks, in the sanctions list.
The agency claims that the funds of operators of at least eight ransomware programs, scam projects, darknet marketplaces and the now-closed BTC-e exchange passed through the platform. Cybercriminal-related assets accounted for up to 40% of Suex’s turnover.
According to Elliptic estimates, since 2018, Suex has processed cryptocurrency transactions worth at least $934 million. Cybercriminals used more than $370 million of them.
Meanwhile, Suex co-founder Vasilii Zhabykin denied any illegal activity of the company and called the attention to it by the US authorities a mistake. According to him, the company was created to develop software for the financial industry.