The Binance cryptocurrency trading platform has announced that it wants collaborate with law enforcement agencies. Thus, in order to fight against fraud and scams, the giant Binance wants to launch a training program for government agencies. Let’s see together what this program consists of.
An international training program
This is a first for the world of crypto, a digital asset exchange company that partners with governments around the world. This represents a great step forward for the regulation of the crypto sector and the fight against cybercrime.
Announced on September 27, this training program is intended for several countries around the world. We thus find in the list, France, Brazil, Argentina, Germany, Israel, the Netherlands, the Philippines, Sweden, South Korea and finally the United Kingdom. Note the absence of the United States in this list.
#Binance launches the Global Law Enforcement Training Program, the industry’s first global effort to help law enforcement and prosecutors detect illicit activity.
🔸 Blockchain concepts
🔸 Binance’s AML
🔸 Investigation methods
— Binance (@binance) September 27, 2022
According to Tigran Gambaryan, the director of the “Intelligence and investigations” team of Binance, this program follows a strong demand from government agencies and legislators. Indeed, countries have a growing need to adapt to new technologies in order to combat crimes in the crypto world and more broadly on the internet.
“As more and more regulators, public law enforcement agencies and private sector stakeholders take a close interest in crypto, we are seeing a increased demand for training to help educate and combat crypto-related crimes“said Tigran Gambaryan, Global Head of Intelligence and Investigations at Binance. “To meet this demand, we have strengthened our team to conduct more training and work hand in hand with regulators of the whole world.”
According to Binance, this training program is led by a team of highly trained professionals. We thus find in the team offormer government agents and security experts. Among them are law enforcement who helped shut down illegal deep web platforms Hydra and Silkroad.
The training workshops will focus on the themes of blockchain, legal issues, anti-money laundering policies and of course the cryptocurrencies. Binance will offer these face-to-face and one-day intensive workshops.
In addition to this, the Binance program offers investigative methods to detect and prevent criminal acts.
Crypto-assets are a risky investment.
Binance, already very committed against criminals
The online cryptocurrency trading giant has confirmed its strong desire to fight crime of all kinds:
“User protection is our number one priority at Binance. We work hand-in-hand with government agencies to track and trace suspicious accounts and fraudulent activity, helping to combat terrorist financing, ransomware, human trafficking, child pornography and financial crimes. “
Introducing #Binance’s Global Law Enforcement Training Program.
This is a first for the industry. The program is designed to help law enforcement detect financial and cyber crimes and assist in the prosecution of bad actors who exploit digital assets.https://t.co/AWinFlydtO
— CZ 🔶 Binance (@cz_binance) September 27, 2022
Binance CEO Changpeng Zhao (CZ) said this training program was a world first in the world of cryptocurrencies. He added “that it will be used to detect and prosecute all criminals who attempt to take advantage of vulnerabilities in digital assets.”
The boss of the platform had revealed the identity of two suspects about a scam on KyberSwap. Thus, the amount of the theft was $265,000 on a DEX (Decentralized Exchange Protocol). Eventually, the information was given to a government agency so that the case could be dealt with legally by the courts.
1/ ❗️Notice of Exploit of KyberSwap Frontend:
We identified and neutralized an exploit on the KyberSwap frontend. Affected users will be compensated. We have summarized the details in this thread⬇️
— Kyber Network (@KyberNetwork) September 1, 2022
CZ also stated that Binance is currently working with the US Department of Justice (DOJ). All this with the aim of identifying the 170,000 victims of the Centra Tech fraud where no less than 100,000 Ethereum (ETH) were stolen.
Today, more than 27,000 government requests have been processed by Binance. Indeed, according to Gambaryan, the platform’s investigation team responds within an average of 3 days, which is “faster than any institution financial traditional“.
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