How Binance is Training Law Enforcement Around the World to Combat Crypto Crime
Categories: Crypto News
How Binance isTraining Law Enforcement Around the World to Combat Crypto Crime
Cryptoexchange Binance has built a specialist team to teach law enforcement officersabout the ins and outs of cryptocurrency. Fighting crypto crimestarts with fighting the many misconceptions that have built up around it.
Like theidea that cryptocurrency transactions are untraceable and anonymous, forexample, and that the blockchain industry doesn't care enough to investigatebad behavior or take action to prevent it.
Price, aformer IRS agent who also spent time as a targeting officer with the CIA, isone of numerous recent recruits from the government to join Binance'sgrowing investigations team, including longtime IRS special agent TigranGambaryan, now global head of intelligence and investigations at Binance.
Cryptocrime fighters
When Priceand Gambaryan were with the government, they would routinely collaborate withcrypto exchanges, including Binance, to share information and shut downcrypto-related fraud.
Now thatthey're on the inside, they and their colleagues are using their expertise totrain law enforcement organizations all over the world on how to deal withcrypto crimes, including everything from money laundering and nation statehacks to ransomware and romance scams.
Binance hashosted workshops on crypto and blockchain technology for lawenforcement across the US and Europe, Canada, Brazil, Argentina, thePhilippines, Singapore and Sweden, with future workshops planned in Columbiaand Mexico.
"As aformer law enforcement officer, it's heartening to see this kind of willingnessto collaborate between public and private," Price said."Collaboration and sharing information back and forth is the only wayyou're going to combat these things, considering the speed at whichtechnology—and criminals—evolve."
Followthe money
Although theamount of cryptocurrency-based crime has fallen by around 15% so far thisyear—a bear market will do that—crypto exchanges and law enforcement aren'tresting on their laurels.
Criminalsare, "always looking for the most efficient means to do their thing,"Price said, and the fact that cryptocurrency streamlines and facilitatescross-border transactions is a double-edged sword.
Buildingblockchain expertise
Thechallenge is that not enough members of law enforcement have the blockchainforensic expertise to tackle a crypto-related criminal investigation.
Butexperienced investigators like Gambaryan, Price and their colleagues—includingJarek Jakubcek and Nils Andersen-Röed, both former Europol agents who now leadintelligence for Binance in APAC and EMEA, respectively—can educate detectivesand regulators on the mechanics of cryptocurrency and how to identify andhandle crypto cases.
The trainingBinance offers differs depending on the market and the sophistication of theaudience. In Canada, for example, where law enforcement already has some cryptoexperience, the training is more focused on topics like advanced investigativetechniques and preventative measures, whereas in other countries it makes senseto start with the basics, like a primer on what sort of information Binance hasand what steps are involved in freezing an account.