The Binance exchange has definitely left its sulphurous trappings. He just revealed a training program for law enforcement he’s been experimenting with for months to help them get tough on the crime that plagues the world of digital assets.
Binance ever more committed to the rails of compliance
When Binance takes on an issue related to the world of cryptocurrencies, we can say that the CZ platform is fully committed to it. Thus in โher fightโ โ constrained by a regulatory environment which had put her in the hot seat of the time when Changpeng Zhao wanted to grow her baby before worrying about compliance โ to become irreproachable in the fight against money laundering and the financing of terrorism, the leader of exchanges crypto deploys a whole arsenal of tools to manifest its radical change in positioning.
The guy is clever and advances his pawns with particularly remarkable speed. Also, if the news of a global law enforcement training program to combat cybercrime has just been made official on the company’s blog, the initiative is not new. In fact, for a number of months now, Binance has been hosting workshops all over the world. The objective: to help the police and gendarmes “to detect financial and cyber crimes and prosecute bad actors who exploit digital assetsโ. About thirty in total have already been dispensed, whether in Argentina, Brazil, Canada, Israel, the Netherlands, the Philippines, Sweden and South Korea and other jurisdictions.
The standard one-day training program includes in-person workshops on the fundamental concepts of blockchain and crypto assets, as well as an overview of the evolving legal and regulatory environment in which they operate. Binance’s Anti-Money Laundering (AML) policies and investigative methods developed by the company to detect and prevent criminal behavior are also discussed in detail.
Binance Press Release
This program does not come out of nowhere. He was crafted by a cohort of highly skilled professionals, the very people Binance has patiently recruited since its legalistic turn. In fact, the team includes both security experts and ex-agents “who have helped to dismantle some of the biggest criminal platforms in the world, such as Silkroad and Hydra”.
A highly sought-after team of experts
According to the blog post, Binance’s armada of experts is in high demand. She would have responded to more than 27,000 law enforcement requests since November with an average response time of three days, which is, the statement points out, โ faster than any traditional financial institutionโ.
As more regulators, public law enforcement agencies and private sector actors take a close look at crypto, we are seeing an increased demand for training to help educate and combat crypto crimes. . To meet this demand, we have strengthened our team to organize more training and work hand in hand with regulators around the world.
Tigran Gambaryan, Global Head of Intelligence and Investigations at Binance, in Press Release
To his credit, already several feats of arms, in particular, as revealed by CZthe identification of two suspects in the theft of $265,000 from the KyberSwap protocol or the collaboration with the United States Department of Justice to identify more than 170,000 victims of the Centra Tech fraud, where more than 100,000 ETH were stolen.
How to transform a exchange sulphurous into a respectable platform, the prowess of CZ
Moreover Binance does not hide that it is its “strong compliance and AML programs” that have enabled it to obtain approvals or registrations, particularly in Europe (France, Italy and Spain). Users in these countries have noticed the change with more cumbersome procedures, particularly in terms of withdrawals or service limitations. The price to pay to continue to use a platform which now wants to be the champion of their protection, as the former special agent of the US tax department, crime section proudly points out.
User protection is our number one priority at Binance. We work hand-in-hand with law enforcement to track and trace suspicious accounts and fraudulent activity, helping to fight terrorist financing, ransomware, human trafficking, child pornography and crimes financial.
Tigran Gambaryan, Global Head of Intelligence and Investigations at Binance, in Press Release
In a regulatory environment that is unleashed, Binance’s zeal for compliance is undoubtedly its major asset in maintaining its leadership position.. But if we are to believe the regulators who today take cryptos seriously, as evidenced by the โConference on the opportunities and challenges of the tokenization of financeโ which yesterday brought together the gratin of central bankers at the Louvre, the path remains largely strewn with pitfalls for all players in the sector, mastodonde included.
No one knows what the future holds for us with โhot boilingโ regulators who want to impose their state digital currencies on us. So don’t wait any longer to acquire cryptos that are beyond their control and register without delay on the FTX exchange. Small bonus: you will benefit from a lifetime reduction on your trading fees (commercial link).
