According to Forbes, the U.S. Drug Enforcement Administration (DEA) investigation found that a drug gang operating in the United States, Mexico, Europe and Australia used Binance to launder tens of millions of dollars in drug proceeds, and between $15 and $40 million in illicit proceeds may have been funneled through Binance. According to a search warrant obtained by Forbes, the investigation into the unnamed Mexican gang’s use of Binance began in 2020 when multiple DEA informants using localbitcoins.com, a crypto trade forum, interacted with a user offering to exchange cryptocurrency for cash. The transaction process is sending Bitcoin or USDC to the seller’s account, then meet him or a contact person to collect the cash in person.
