The world’s largest crypto exchange Binance lauded its investigations team for helping U.S. law enforcement agencies track down accounts linked to organized crime outfits based in North Korea. The Binance Investigations team reportedly assisted American authorities in seizing $4.4 million and freezing accounts linked to North Korean criminals. 

Binance took to Twitter earlier today to share the latest development with its community.

According to a report by Federal Newswire, the Binance Investigations team worked with the crypto exchange’s law enforcement partners to identify and freeze the funds associated with North Korean organized crime groups. The investigations team reportedly took action against the concerned accounts over one year ago after receiving warrants from law enforcement agencies.

Last week the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned four entities along with one individual in relation to a malicious online revenue generation scheme linked to the Democratic People’s Republic of Korea (DPRK) Government. North Korean groups reportedly engage in such malicious cyber activities on a regular basis.

One of the sanctioned accounts was held by a North Korean national named Kim Sang Man. Kim was presumed to be involved in the sale and transfer of IT equipment for North Korea. He reportedly received crypto assets worth more than $2 million to fund the malicious activities from DPRK.

Matt Price, Binance’s Global Head of Intelligence and Investigations, stated that:

 The myth that crypto is anonymous that allows for illicit activity is actually quite the opposite. The fact that the transactions are publicly recorded leaves a permanent record of what actually occurred.

Binance stated that contrary to popular belief, the blockchain provides a tremendous amount of transparency and allows illicit activities to be traced. Binance reiterated its unwavering commitment to combating crime worldwide by aiding law enforcement agencies around the world. The crypto giant added that it works closely with authorities around the world to help prevent crimes and take action against bad actors.