Binance’s Financial Intelligence Unit (FIU) said it assisted Philippine authorities in tracing a $3.75 million crypto ransom that passed through casino-linked operators and into fragmented crypto wallets. Investigators also uncovered earlier money laundering tied to the April killing of businessman Anson Que.
Key Details
- Ransom totaled $3.75 million, routed through junket operators and high-risk crypto exchanges.
- Binance’s FIU identified suspect-linked crypto accounts using on-chain analytics.
- PNP Anti-Cybercrime Group confirmed fragmentation of funds before wallet transfers.
Authorities previously traced ₱4.5 million in USDT from the Anson Que case through unlicensed e-wallets and local VASPs. (Read more: PNP Subpoenas Local VASPs, ₱4.5M in Crypto Frozen by Foreign Exchange in Anson Que Ransom Case)
Philippine authorities noted that the ransom funds passed through casino junket e-wallets, private operators facilitating gambling for high rollers, before conversion to cryptocurrency.
Investigators initially struggled to map the funds due to layered laundering methods.
The ransom funds were fragmented across several addresses before ultimately reaching crypto wallets. Binance’s prompt assistance was crucial in helping us advance the investigation,”
Anti-Cybercrime Group, Philippine National Police
Officials detailed how junkets served as entry points.
Earlier in May, the AMLC reported that two junket operators, 9 Dynasty Group and White Horse Club, had ceased operations as the council traced ₱200 million in crypto ransom from Anson Que’s kidnapping-slay via unlicensed e-wallets and VASPs. (Read more: PNP Expresses Confidence that AMLC Can Track Ransom Payments Even If Crypto is Used)
On April 9, 2025, Que and his driver were found dead in Rizal after a ₱200 million ransom was paid in batches. (Read more: PNP Seeks AMLC Help to Trace ₱200M Crypto Ransom in Anson Que Kidnap-Murder Case)
Binance cited earlier partnerships in Southeast Asia to illustrate its commitment to combating financial crime.
- Thailand’s Operation Fox Hunt exposed a syndicate involved in $6 million in fake wallet scams.
- Royal Malaysia Police recovered $1.6 million in a cross‑border ransom probe using Binance analytics.
“Binance remains committed to partnering with global law enforcement to trace illicit activity, support victims, and uphold the integrity of the digital finance ecosystem.”
Binance
This article is published on BitPinas: Global Crypto Exchange Helps PH Authorities Trace $3.75M Crypto Ransom Tied to Junkets, Anson Que Case
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