Security News > 2021 > June > Binance exchange helped track down Clop ransomware money launderers
Cryptocurrency exchange service Binance played an important part in the recent arrests of Clop ransomware group members, helping law enforcement in their effort to identify, and ultimately detain the suspects.
Using the name FANCYCAT to refer to the group, Binance says that the criminals were laundering money resulting from ransomware attacks and various other illegal activities.
In a blog post on Thursday, Binance informs that its security division contributed to the international investigation that led to the arrest of multiple members of the Clop ransomware gang.
With cybercriminals taking advantage of legitimate cryptocurrency exchanges to launder money, Binance has been improving its capabilities for detecting and analyzing cybercriminal's cashout activity.
Laundering illegal profits is done "Through nested services and parasite exchanger accounts that live inside macro VASPs ," Binance says, adding that cybercriminals use exchanges as intermediaries in the process of cleaning the stolen money.
Working with two chain analytics companies, the cryptocurrency exchange service could gain better insight into the group's on-chain activity and connect it with the Clop ransomware gang.