Leading Crypto Exchange Working with DEA for investigation: What Does this mean?

Leading Crypto Exchange Working with DEA for investigation

Patrick Iturra, Asset Manager at Estate Investments Group January, 2023


Binance, one of the biggest crypto exchange platforms worldwide, has been working with the DEA in the investigation against a drug cartel.

Here’s what happened: A global drug cartel has used Binance to funnel their gang’s illegal drug money, per an ongoing US DEA investigation.

The amount here is estimated between $15-$40 million that has been laundered on the biggest crypto exchange in the world.

Binance has announced that they will be helping in the investigation by tracking the suspects.

The investigation started in 2020 when the DEA got information from their sources that a user had been offering cryptocurrency in exchange for cryptocurrencies.

During the investigation, DEA found one suspect, Carlos Fong Echavarria, who pleaded guilty to money laundering and drug dealing.

Binance assisted in the whole investigation by tracking the suspect’s transaction over the blockchain network. They also found one more account associated with the suspect. The amount came out to be around $4.7 million.

One more suspect has bought around $42 million worth of cryptocurrencies, of which $16 million was drug money.

This incident shows the transparency in the current cryptocurrency platforms, where the bad guys are leaving their records, which can be tracked down.

Earlier this year, Binance also helped the Drug Enforcement Agency seize over 100 accounts associated with money laundering in Mexico.

Despite this, Binance has been facing a probe against the US Department of Justice. They are saying that Binance’s books are a black box, where the records are not even accessible to the chief financial officer in his three years tenure.

However, on the other side, Binance’s chief strategy officer has said that their analysis and depictions of their business are “categorically false.”

What does this mean for the future of crypto?

Binance is one of the most extensive cryptocurrency networks around the world. They have been working with enforcement agencies to help them with the investigations.

This situation clears out the “Negative image,” meaning that crypto can be used for illegal activities.

The investigation shows that blockchain technology can be used to establish more transparency in crypto payments.

Leading Crypto Exchange Working with DEA for investigation

Also, I think this will help users feel secure about their money because law enforcement agencies are working along exchanges. I believe that there can be laws that can establish authority and ensure that the average consumer feels safe putting their money in cryptocurrencies.

Another thing you should know about this is that this will also help other crypto-related services, such as smart contracts, which means there will be more acceptance among people regarding intelligent contracts.

I recently created one article regarding cryptocurrency applications in real estate. If you are interested and want to know how cryptocurrency will help the real estate industry, then you can read the article HERE.

Over the 24+ years I have worked as a strategic investment advisor, I have helped my clients buy real estate, generate passive income, and build long-term wealth.

If you want to generate wealth for yourself, plan to create Passive Income, or buy the right real estate, you can contact me HERE


Business development is the ideas, initiatives, and activities that help improve a business. My experience results in your business’s increased revenue, expansion, and profitability by building strategic partnerships and making strategic business decisions.

I don’t sell houses. I grow your Assets. Patrick Iturra, Asset Manager at Estate Investments Group

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Patrick Iturra

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