Binance has announced a special programme that will focus on training law enforcement officers understand the nuances of the crypto world, which would help them crack cases related to the digital assets sector. The name of this initiative is the ‘Global Law Enforcement Training Programme’. Under this, Binance will connect police officers in different parts of the world to skilled Web3 professionals who would run trainings on ways to combat potential crypto crimes as well as ways to tackle the aftermath. The move from Binance comes in the backdrop of crypto scams picking pace around the world.
“As more regulators, public law enforcement agencies, and private sector stakeholders look closely at crypto, we are seeing an increased demand for training to help educate on and combat crypto crimes. To meet that demand, we have bolstered our team to conduct more training and work hand-in-hand with regulators across the globe,” Tigran Gambaryan, Global Head of Intelligence and Investigations at Binance said in an official statement.
Gambaryan himself is a former special agent of the Internal Revenue Service—Criminal Investigation (IRS-CI) Cyber Crimes Unit.
The standard one-day training program includes workshops on concepts of crypto and blockchains. It also intends to provide an insight into the scrutanised legal and regulatory environment that prevails around the crypto industry at this time.
Officers who participate in this programme learn about access to Binance’s own anti-money laundering policies and investigation tools that could be useful in detecting and preventing crimes around crypto.
In order to keep a check around these cyber crimes, Binance Investigations, an internal unit of the crypto exchange, has been hosting informative workshop for law enforceent agencies in several parts of the world for around a year now.
The platform has already conducted workshops in Argentina, Brazil, Canada, France, Germany, and Israel among other places.
“Since November 2021, the Binance Investigations team has responded to more than 27,000 law enforcement requests with an average of three days response time, which is faster than any traditional financial institution,” the official post from Binance claimed.
Owing to a plethora of scams, rug-pulls, and hack attacks that have targeted the crypto community, governments around the world are tightening oversight over the crypto sector.
[Hong Kong(https://gadgets360.com/cryptocurrency/news/crypto-scams-rise-105-percent-in-hong-kong-3235739), for instance, that recently topped the list of the world’s most crypto-ready nation on the Worldwide Crypto Readiness Report, emerged out to be riddled with scammers eyeing the sector. In the first six months of 2022, Hong Kong saw an alarming 105 percent hike in crypto scams as compared to the same period in 2021.
Just this month, US’ Department of Justice (DoJ) formed a unit of over 150 federal prosecutors, who will work to keep crypto crimes and their investigations in check.
The stricter surveillance on the blockchain sector is gaining relevance given that the industry is showing massive expansion and adoption.
Over 3,600 trademark applications around the sectors of cryptocurrency, Web3, metaverse, and NFTs have been filed so far this year in the US as of August 31, indicating at the interest that the sector has garnered from the public in recent times.
Binance and other crypto firms like Chainalysis, with their own dedicated investigative units are trying to free the crypto sector off prevalent crimes that make the industry a risky one for people to experiment with.
“We work hand-in-hand with law enforcement to track and trace suspected accounts and fraudulent activities, contributing to the fight against terrorism financing, ransomware, human trafficking, child pornography, and financial crimes,” Binance noted.