Binance Initiates E-Crime Programme to Help Police Crack Crypto Crimes

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Binance has announced a special program that will focus on helping law enforcement officers understand the nuances of the crypto world, helping them solve cases related to the digital asset sector. The name of this initiative is the "Global Law Enforcement Training Program’. Under this, Binance will connect police officers in different parts of the world with skilled Web3 professionals who will provide training on how to deal with potential crypto crimes as well as how to deal with them. This move by Binance comes in the backdrop of crypto scams gaining momentum around the world.

“As more regulators, public law enforcement agencies, and private sector stakeholders watch crypto closely, we are seeing an increasing demand for training to help educate and combat crypto crimes. For this, we have strengthened our team to undertake more training and work with regulators around the world,” said Tigran Gambarian, global head of intelligence and investigations at Binance. official statement,

Gambarian himself is a former special agent for the Internal Revenue Service-Criminal Investigation (IRS-CI) Cybercrime Unit.

The standard one-day training program includes workshops on the concepts of cryptography and blockchain. It also intends to provide an insight into the legal and regulatory environment prevailing around the crypto industry at the moment.

Officials participating in the event will learn about Binance’s own anti-money laundering policies and have access to investigative tools that can be useful in detecting and preventing crimes surrounding crypto.

To crack down on these cybercrimes, Binance Investigations, an internal arm of the crypto exchange, has been hosting informative workshops for law enforcement agencies in many parts of the world for almost a year now.

The forum has already organized workshops in Argentina, Brazil, Canada, France, Germany, and Israel, among other places.

“Since November 2021, the Binance Investigation Team has responded to over 27,000 law enforcement requests with an average response time of three days, faster than any traditional financial institution,” Binance’s official post claimed.

Due to the plethora of scams, rag-bridges, and hack attacks targeting the crypto community, governments around the world are monitoring the crypto sector.

Just this month, the US Department of Justice (DoJ) formed a unit of over 150 federal prosecutors, who will work to keep crypto crimes and their investigations in check.

The stricter surveillance on the blockchain sector is gaining relevance given that the industry is showing massive expansion and adoption.

Over 3,600 trademark applications around the sectors of cryptocurrency, Web3, metaverse, and NFTs have been filed so far this year in the US as of August 31, indicating at the interest that the sector has garnered from the public in recent times.

Binance and other crypto firms like Chainalysis, with their own dedicated investigative units are trying to free the crypto sector off prevalent crimes that make the industry a risky one for people to experiment with.

“We work hand-in-hand with law enforcement to track and trace suspected accounts and fraudulent activities, contributing to the fight against terrorism financing, ransomware, human trafficking, child pornography, and financial crimes,” Binance noted.

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