Binance has announced a special program that will focus on training law enforcement officials to understand the nuances of the crypto world, helping them crack cases related to the digital asset sector. The name of this initiative is ‘Global Law Enforcement Training Programme’. Under this, Binance will connect police officers from different parts of the world with skilled Web3 professionals who will train them on ways to combat potential crypto crimes as well as ways to deal with the consequences. Binance’s move comes in the wake of crypto scandals around the world.
“As more regulators, public law enforcement agencies and private sector stakeholders take a closer look at crypto, we are seeing a growing demand for training to help educate and combat crypto crimes. To meet that demand, we’ve empowered our team to train more and work hand-in-hand with regulators around the world, said Tigran Gambryan, Head of Global Intelligence and Investigations at Binance. Official statement,
Gambaryan himself is a former special agent of the Internal Revenue Service-Criminal Investigations (IRS-CI) Cyber Crimes Unit.
A standard one-day training program includes workshops on the concepts of crypto and blockchain. It also aims to provide insight into the scrutinized legal and regulatory environment prevailing around the crypto industry at this time.
Executives attending the event learn about Binance’s own anti-money laundering policies and investigative tools that can be helpful in detecting and preventing crimes around crypto.
To curb these cyber crimes, Binance Investigations, an internal unit of the crypto exchange, has been conducting informative workshops for law enforcement agencies in several parts of the world for about a year.
The platform has held workshops in Argentina, Brazil, Canada, France, Germany and Israel, among others.
“Since November 2021, the Binance investigation team has responded to more than 27,000 law enforcement requests with an average response time of three days, which is faster than any traditional financial institution,” Binance’s official post claimed.
With scams, rug-pulls, and hack attacks targeting the crypto community, governments around the world are tightening oversight of the crypto sector.
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Just this month, the US Department of Justice (DoJ) created a unit of more than 150 federal prosecutors, who will work to oversee crypto crimes and their investigations.
Strict surveillance of the blockchain sector is becoming relevant as the industry continues to see massive expansion and adoption.
As of August 31 this year, more than 3,600 trademark applications have been filed around the fields of cryptocurrency, web3, metaverse, and NFTs, reflecting the recent public interest in the field.
Other crypto companies, such as Binance and Chainalysis, are trying to rid the crypto sector of the prevalent crimes with their own dedicated investigative units that have made the industry dangerous for the public to experiment with.
“We work with law enforcement to track and trace suspicious accounts and fraudulent activity, contributing to the fight against terrorist financing, ransomware, human trafficking, child pornography and financial crimes,” Binance noted.
