Binance, one of the world’s leading cryptocurrency exchanges, recently announced on X(Twitter) that it conducted an intensive two-day training session on cryptocurrency investigations for more than 100 cadets and staff at the Royal Thai Police Academy. This initiative is part of Binance’s ongoing commitment to assist law enforcement agencies globally in the fight against cybercrime.
Binance released a statement earlier saying that with the rapid adoption of cryptocurrency, the ecosystem has become a target for criminal activity, even though data shows that only a small fraction of crypto transactions are linked to illicit activities. The rise in crypto use has inevitably attracted bad actors seeking to exploit the system.Â
Binance Points Out the Need to Train Officers to Fight Crypto Crime
Binance had previously emphasized the critical need for law enforcement officials to master crypto investigations, particularly as the landscape of digital crime evolves. The exchange pointed out that it takes specialised knowledge to find and capture criminals involved in crimes unique to the cryptocurrency realm like rug pulls and hacks, as well as the improper use of digital assets for unauthorised financial transfers.
The need for specialised training in cryptocurrency investigations is rising as the global crypto business develops. To address this demand, Binance created the Law Enforcement Training Program, which gives law enforcement organisations all over the world access to vital tools and training. The intention is to close the knowledge gap that appears as new categories of cybercrimes appear.
Modern Crimes Need Modern Investigation Methods
Binance thinks that getting access to cutting-edge, high-quality training on cryptocurrency investigations is a barrier for many law enforcement organisations, particularly in developing nations.
This lack of training may result in errors that have major consequences for both the exchanges and their users, such as improperly suspending accounts on cryptocurrency exchanges or performing inaccurate fund flow analyses. Binance provides in-depth training courses to help with these issues.
Binance is taking greater steps to assist law enforcement around the world, of which the training at the Royal Thai Police Academy is only one instance. Binance hopes to strengthen law enforcement’s capacity to combat crimes related to cryptocurrencies and maintain the security of the digital finance industry by sharing its experience.
Binance is on Soup Despite the Efforts
Recently, there has been criticism of Binance’s dedication to security and compliance. Changpeng Zhao, often known as “CZ,” the CEO of Binance, entered a guilty plea to one count of neglecting to take necessary anti-money-laundering precautions in November. After that, he resigned from his position, and Binance consented to pay $4.3 billion to resolve the associated claims.
Zhao is now the second prominent cryptocurrency CEO to be hit with legal issues, after FTX’s Sam Bankman-Fried, who was earlier this year found guilty of fraud and given a 25-year prison term.