Binance announced the existence of its Global Law Enforcement Training Program in a blog post on Sept. 27. The creation of the program could be considered retroactive, as the company’s investigative team has been holding workshops for law enforcement for the past year.
Binance expanded its research team a year ago, and has since held one-day workshops in numerous countries, according to the company’s blog. Germany, Argentina, Brazil, Canada, South Korea, the Philippines, France, Israel, the Netherlands, Sweden and the United Kingdom are mentioned. The workshops were intended to help law enforcement detect and prosecute financial and cybercrime.
The team also claims to have responded to more than 27,000 requests from law enforcement since November, with an average response time of three days.. The team is led by global head of intelligence and investigations Tigran Gambaryan, a former special investigator with the US Internal Revenue Service’s cybercrime unit, who was hired by Binance in September. Gambaryan said in the statement:
“We are seeing increased demand for training to help educate and combat cryptocurrency crime. To meet that demand, we have beefed up our team to conduct more training and work closely with regulators around the world.”
Binance joined the US National Cyberphysics and Training Alliance in January. The company credited its strong anti-money laundering and compliance programs with obtaining permission to operate in France, Italy and Spain. However, its own enforcement measures have been criticized in the past.
Introducing #Binance‘s Global Law Enforcement Training Program.
This is a first for the industry. The program is designed to help law enforcement detect financial and cyber crimes and assist in the prosecution of bad actors who exploit digital assets.https://t.co/AWinFlydtO
— CZ Binance (@cz_binance) September 27, 2022
In June, the United States Securities and Exchange Commission investigated Binance over suspicions that its 2017 BNB token initial coin offering violated commission rules, and Reuters published an expose alleging that Binance had processed at least $2.35 billion in hacked funds between 2017 and 2021 and had weak Know Your Customer and Anti-Money Laundering protections for those years.
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