Wednesday, April 24, 2024

Binance Reinforces Commitment to Law Enforcement Globally

New Delhi, 22 March 2023:  Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider has called for strengthening collaborations and joint industry efforts between Web3 organizations and law enforcement agencies to further enhance security in the industry.

Binance’s Commitment to Compliance and Anti-Money Laundering

As an industry leader, Binance is fully committed to the creation of a compliant and secure Web3 and blockchain ecosystem. The crypto exchange has increased the headcount of its security and compliance team by 500% over the span of 2022, equipped with professionals that came from the world’s top investigative organizations and law enforcement agencies. The world-class team of security and compliance experts develop state-of-the-art security protocols which are designed to protect users and enhance user security. In addition, Binance also holds strict anti-money laundering policies and a robust Know Your Customer (KYC) system to prevent malicious actors from infiltrating the platform.

In an effort to protect the Web3 community and aid users in identifying scammers, Binance recently partnered with law enforcement agencies around the world to launch the Joint Anti-Scam Campaign in Dec 2022. The project first kicked off in Hong Kong, where they collaborated with the Hong Kong Police Force (HKPF) to draft targeted alerts and crime prevention messages. These messages would appear whenever local users initiate a withdrawal on Binance. In the first four weeks since its launch, approximately 20.4% of users had either reconsidered the withdrawal or reviewed whether the transaction carried the risk of scams.

Proactive Education and Trainings

2022 was the year that Binance unveiled the Global Law Enforcement Training Program, kickstarting the industry’s first global coordinated effort to assist law enforcement in detecting financial and cybercrimes by delivering practical training and workshops. Over the course of 2022, senior investigators and experts from Binance led more than 70 workshops and training sessions which covered essential topics including the fundamentals of crypto, as well as the approach our team uses to combat cybercrimes. These workshops are conducted globally from Asia to Europe and the Americas.

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Through close collaborations and communication with law enforcement agencies, the industry can develop comprehensive security strategies to bridge existing gaps in the system while reducing its susceptibility to cyberattacks and cybercrimes. In the Philippines, Binance partnered with the Philippine-based Cybercrime Investigation and Coordination Center (CICC) under the Department of Information and Communications Technology (DICT). Through this partnership, Binance was given the opportunity to provide insights and discuss ways in which we can assist local authorities in cybercrime prosecution and blockchain forensics.

The Ongoing Fight Against Cybercrimes

Across the regions, law enforcement agencies work around the clock to detect and combat financial crimes and scams. As an industry leader, it has joined the fight against cybercrimes and scams by responding to all lawful information requests and legal inquiries from governments and law enforcement authorities pertaining to investigations, prosecutions, and forfeiture actions. Since November 2021, the Binance Investigations Team has responded to over 47,000 law enforcement requests, with an average response time rate of three days. For instance, Binance Investigations team worked closely with the Civil Police of São Paulo to trace and freeze the proceeds of an extortion that happened in Brazil in the second semester of 2022. The know-your-customer (KYC) policy established by Binance, as well as the efficient collaboration between the public and private sector, played a crucial role in the identification of the suspects and their subsequent arrest.

Jarek Jakubcek, Head of Law Enforcement Training at Binance said: “As an industry leader, our goal is to build a safe blockchain ecosystem for all users. As part of the effort, we are proactively engaging with law enforcement agencies from around the world as part of our efforts to support crime prevention and investigations. In 2023, Binance will continue supporting and expanding initiatives such as the Global Law Enforcement Training Program and Joint Anti-Scam Campaign.”

About Binance

Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information, visit:

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