Binance removes Suex bitcoin-exchange accounts

Binance CEO Changpeng Zhao (CZ) approved the inclusion of the Suex bitcoin exchange in the U.S. sanctions list and shared details of his involvement in the investigation.

\n

Yesterday’s actions taken by the US Treasury Department against “bulletproof exchangers” like Suex is a POSITIVE development for the industry and the future trajectory of crypto. (1/3)https://t.co/JdypGOw8W1

\n

— CZ 🔶 Binance (@cz_binance) September 23, 2021

He noted that Binance cooperates daily with law enforcement authorities around the world to curb illicit activity.

“We have refined our approach to investigating potentially illegal activity using AI and by creating an internal investigative team of experienced law enforcement personnel,” CZ wrote.

As a result of the audit they conducted, several accounts linked to Suex addresses were identified earlier this year. In line with internal security measures, they were removed from the platform.

Binance provided all information about the addresses and other details of the internal investigation to law enforcement authorities.

Overall, CZ described the sanctions against the Suex bitcoin exchange as a positive development for the industry and its trajectory.

Earlier, on September 21, the U.S. Department of the Treasury added the Suex legal entities and website to the sanctions list, along with 25 addresses associated with it on the Bitcoin, Ethereum and Tether networks.

The agency says that through the platform funds of operators of at least eight ransomware programs, scam projects, dark net marketplaces and the now-closed BTC-e exchange flowed. The assets tied to cybercriminals accounted for up to 40% of Suex’s turnover.

The United States has imposed sanctions on the Suex bitcoin exchange with offices in Moscow and Saint Petersburg

According to Elliptic, since 2018 Suex has processed cryptocurrency transactions totaling at least $934 million. More than $370 million of them are linked to cybercriminals.

Elliptic has calculated the amount laundered through the Suex bitcoin exchange

Co-founder Vasiliy Zhabykin of the Suex exchange denied any illegal activity by the company and said that the attention from U.S. authorities was a mistake. However, ForkLog sources in the exchange market said that Suex is one of the largest exchanges in Russia.

The co-founder of the US-sanctioned Suex exchange denied illegal activity

Subscribe to ForkLog news on Telegram: ForkLog Feed — the full news feed, ForkLog — the most important news, infographics and opinions.