Binance to train police on cybercrime

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Updated October 5, 2022 | Published October 5, 2022

2 mins read

As hacks in August alone resulted in $200m in losses, the exchange is hoping to work alongside law officials to crack down on crypto crime.

Cryptocurrency exchange Binance is setting up a global training program to stop crypto-affiliated crime.

The new initiative was announced by the exchange’s head of intelligence and investigations in the Americas, Matthew Price.

“It’s the first industry-led initiative to provide training to law enforcement, regulators [and] prosecutors around the world, to tackle financial crimes and crimes that may occur using cryptocurrency.

“It’s important to have law enforcement have the ability to investigate these crimes, and one of the ways you do that is [by] demystifying crypto”, he said.

Hacks involving cryptocurrency are rife in the industry. According to a Chainalysis report, overall there has been a loss of up to $200m in August alone due to hacks.

It was previously reported that Binance would work with the police to crack down on crime and money laundering as well as “track and trace suspicious accounts and fraudulent activities”.

 

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.
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