Binance, the largest cryptocurrency exchange in the world, recently participated in the first State Financial Intelligence Workshop hosted by law enforcement in Brazil. The workshop aimed to provide law enforcement officials with insights and strategies to tackle money laundering in the crypto space. Binance, which launched its law enforcement training program in September 2022, has been actively involved in training sessions and sharing best practices with law enforcement agencies worldwide.
During the workshop, Binance presented case studies on tackling money laundering in the crypto industry. The exchange highlighted best practices for police requests and shared insights on how to combat crypto-related cybercrime. Binance's participation in the workshop demonstrates its commitment to assisting law enforcement agencies in tackling financial crimes involving digital assets.
Binance's law enforcement training program was established to meet the growing demand from public law enforcement agencies and regulators seeking more knowledge on combating crypto-related cybercrime. Tigran Gambaryan, the global head of Intelligence and Investigations at Binance, stated that the program was created in response to this demand and aims to provide law enforcement officials with the necessary tools and insights to combat financial cybercrime effectively.
In December, Gambaryan shared a summary of the work Binance had done throughout 2022 to combat financial cybercrime. The exchange increased the headcount of its compliance and security team by more than 500%, with members who have previously worked for investigative organizations and law enforcement agencies worldwide. Binance's commitment to strengthening its compliance and security measures demonstrates its dedication to maintaining a secure and transparent crypto ecosystem.
Binance responded to more than 47,000 requests from law enforcement agencies between Nov. 2021 and Dec. 2022 with an average response time of three days, whereas many traditional financial institutions take months to respond to law enforcement requests. In working with law enforcement partners, Binance has helped to recover millions of dollars and return the funds to the victims of cybercrimes. Gambaryan called the training program “truly the first of its kind, and a credit to the crypto industry when it comes to recognising the importance of global security and compliance.”
Gambaryan said the transparency of crypto transactions makes crypto a bad option for criminals looking to launder money. “Cryptocurrency provides unparalleled transparency into the activity and allows law enforcement to do their work more efficiently,” Gambaryan said.
Binance's support for law enforcement efforts extends beyond Brazil. The exchange has assisted in various international cases, including aiding the Israeli police in seizing funds linked to the terrorist organization Hezbollah. In April, Binance also played a crucial role in helping the FBI seize over $112 million tied to crypto investment scams. These cases demonstrate how blockchain technology can enable law enforcement to disrupt organized crime that operates in the traditional financial system.