Binance Launches Law Enforcement Training to Catch Cryptocriminals

by Arthur · September 27, 2022

Binance has launched a program to train law enforcement in how to detect cybercrime, moving in response to greater demand for help.
The world’s largest crypto trading platform said on Tuesday that its investigative team has responded to more than 27,000 requests from law enforcement since November.
The FBI recently warned about cybercriminals increasingly exploiting vulnerabilities in decentralized finance, or DeFi, platforms.

Binance, the world’s largest crypto trading platform, said on Tuesday it has launched a global program to train law enforcement in how to detect cybercrime, moving in response to greater demand for help from public and private entities.

Binance said in a statement that the program is the first globally coordinated effort in the industry. The focus expands beyond crime detection to include assisting in the prosecution of “bad actors exploiting digital assets,” it said.

Last month, the FBI issued a warning about cybercriminals increasingly exploiting vulnerabilities in decentralized finance, or DeFi, platforms to steal cryptocurrency from investors. Cybercriminals stole $1.3 billion in cryptocurrencies in the first three months of 2022, nearly 97% of which was swiped from DeFi platforms, the agency said, citing data from Chainalysis.

Binance said its investigative team has responded to more than 27,000 requests from law enforcement since November. In addition, over the past year the team has run and attended more than 30 workshops working with police officers in countries including the UK, Brazil, Canada, Germany, Israel and South Korea.

“We work hand-in-hand with law enforcement to track and trace suspect accounts and fraudulent activities, contributing to the fight against terrorist financing, ransomware, human trafficking, child pornography and financial crime,” Tigran Gambaryan, Binance’s VP of Global Intelligence. and investigations, the statement says. Gambaryan previously served as a special agent with the Internal Revenue Service’s Cyber Crimes Unit.

The training program is led by members of Binance’s investigative team, which employs security experts, former police agents, analysts and operatives who have helped take down major criminal platforms such as Silkroad and Hydra.

The one-day training includes in-person workshops on the concepts of blockchain and cryptoassets and discussions on methods Binance has developed to detect criminals and prevent breaches.