Binance law enforcement training program to seek out ‘bad actors’

Binance, the world’s largest cryptocurrency exchange, has launched a dedicated program to “help law enforcement detect financial and cyber crimes,” in a move it claims to be an industry first to combat crypto crimes, the exchange said Tuesday, as it navigates regulatory headwinds and ramps up compliance efforts.

See related article: Binance says it complies with regulators following US anti-money laundering probe report

Fast facts

• Binance said that its new “Global Law Enforcement Training Program” is designed “assist in the prosecution of bad actors who exploit digital assets.”
• The exchange has organized over 30 related workshops over the past year to engage authorities in Argentina, Brazil, Canada, France, Germany, Israel, Netherlands, Philippines, Sweden, South Korea and the U.K., according to its Tuesday statement.
• The company said its Binance Investigations team, consisting of security experts and former operatives, has responded to more than 27,000 law enforcement requests since November 2021.
• Earlier this month, Binance said it has worked with regulatory agencies from around the world to address outstanding compliance questions, following a Reuters report that U.S. federal prosecutors asked the exchange to offer internal records involving founder and CEO Changpeng Zhao for anti-money laundering checks in late 2020.
• In April, Binance denied sharing client data with Russian authorities, following allegations made by a Reuters news investigation into the exchange’s ties with the country.

See related article: Binance spent over US$1B on compliance, founder Changpeng Zhao says