Jarek Jakubcek, the head of Law Enforcement Training at Binance, the largest cryptocurrency exchange in the world by volume, said his team is dedicated to protecting Binance users as well as all consumers in the crypto industry. The crypto exchange's Investigations team works to proactively protect users from crimes like phishing scams and investment fraud.
"Our mission is to maintain the highest level of security for our users and the broader cryptocurrency community. 75% of us are former law enforcement, the rest are veterans from the crypto sector. Our team spends every waking moment investigating and deterring crypto-related crimes,” Jakubcek said, according to a July 17 Blog post by Binance.
"The cryptocurrency landscape continues to evolve rapidly, and along with its significant growth comes the inevitable presence of bad actors," Binance said in the blog post. "As the leading global digital asset infrastructure provider, Binance places utmost emphasis on the safety and security of its users." Members of Binance's Investigations team are spread across eighteen countries, where they share information and collaborate with law enforcement and government agencies to protect users, according to the blog post.
Binance has three main strategies to tackle crime, according to the blog post. The strategies are responding to law enforcement requests, sharing information, and educating others about security in the crypto space. "To fortify our shared defenses, we maintain a community of peers that actively share intelligence and information throughout the network," the post said. By partnering with companies like blockchain analytics firm Chainalysis, Binance is able to "monitor risks" and "gain valuable insights" into criminal operations. Binance can use identified risks and vulnerabilities to bolster its security protocols, like know-your-customer (KYC) procedures.
Jakubcek joined Binance last year after working as a cryptocurrency specialist on Europol Cybercrime Centre’s (EC3) Dark Web team for seven years, according to a May 12 blog post. In his role at EC3, Jakubcek was integral to investigations into criminal activities in the crypto ecosystem such as phishing scams, investment fraud, money laundering, and ransomware. “With its growing role in the industry comes growing responsibility, which Binance is taking the lead on," Jakubcek said. "This is evidenced by Binance’s ongoing support of law enforcement investigations and recent strategic moves, including hiring an impressive team of key personnel in both its investigations and compliance teams."