Binance Exchange has partnered with the Macao Judiciary Police to carry out its initial face-to-face law enforcement training, improving officers’ skills in combating cybercrime and financial fraud related to cryptocurrencies.
Binance and Crime Fighting
As part of its global cooperation with law enforcement agencies, Binance has been actively engaging in training sessions worldwide, with more than 120 sessions held just in 2023.
The Macao Police teamed up with Binance for a face-to-face law enforcement training program to boost security and industry monitoring practices. The Exchange CEO, Richard Teng, while commenting on the platform’s 200 million user milestone highlighted that the exchange prioritizes government partnerships for crypto awareness.
Its dedication has been demonstrated as it trains law enforcement officers worldwide in blockchain knowledge and investigation techniques in order to enhance security in blockchain and digital spaces.
Binance Let a Helping Hands to Authorities
Binance Exchange has a strong track record of assisting authorities in combating fraud within the crypto sector. This shows a proactive stance in promoting security and integrity in the cryptocurrency sector.
In April 2022, the exchange helped regulators recover $5.8 million in crypto from the Ronin Bridge exploit. Last month, it was reported that it assisted in recovering funds from some suspected online gambling fraudsters as well.
While Binance is helping to fight online fraudsters among many other milestones, it has fallen under the radar of many authorities for impropriety as well.
Recently, the exchange was slapped with a $4.4 million fine from the Canadian regulators over compliance failure. On top of that, it was in a negative spotlight when the Nigerian justice system denied its Executive Tigran Gambaryan’s bail application amid a complicated bout of fraud allegations.
Also, the founder and former CEO Changpeng ‘CZ’ Zhao put the exchange in a tough spot when he was convicted by the US Department of Justice (DOJ) for violating the US Bank Secrecy Act. He is currently serving a four-month sentence due to leniency shown by the court.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of Crypto-Vanguard’s content as such. Crypto-Vanguard does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.