In recent months, Binance, the world’s largest crypto exchange, has been conducting training workshops on how to deal with crypto crimes such as money laundering, ransomware, and attacks by nation-states across the world with the exception of Africa.
Binance, which has previously been accused of being a conduit for illicit flows worth hundred of millions, has previously indicated that blockchains offer a less conducive environment for money laundering and other illicit activities compared to the traditional banking industry.
According to the exchange, the ability of the blockchain to track the flow of funds is instrumental to law enforcement. With examples, Binance has revealed how it assisted law enforcement officials from the U.S, and other countries to solve crimes committed by Lazarus, a North Korean hacker team, and other crimes occurring Hydra, an illegal internet marketplace that was shut down in April 2022.
#Binance has been collaborating with law enforcement & institutions globally, to strengthen market understanding & efforts to prevent, investigate & fight cyber crimes.
Read through to learn more đź”˝ pic.twitter.com/l672DJq0PW
— Binance (@binance) September 6, 2022
Binance has so far conducted workshops in the following countries, with more planned:
- US
- Europe
- Canada
- Brazil
- Argentina
- Philippines
- Singapore
- Sweden
- Columbia (Planned)
- Mexico (Planned)
While there is not much information yet on workshops in Africa, in 2021Â FBI authorities trained over 50 Nigerian investigators and prosecutors to tackle cryptocurrency-enabled organized crimes.
Spearheading the training is the global head of intelligence and investigations at Binance, Tigran Gambaryan, formerly an IRS special agent.
According to Tigran:
If you went to Bank of America and asked them how much exposure they have to criminal marketplaces, they couldn’t tell you, at least not definitively. But I can go right now and see exactly how much exposure we have to those entities, which is unheard of in the financial sector.
This ability is what Binance is teaching law enforcement officers to leverage as well as helping people understand that the blockchain is not anonymous.
Some of the topics covered in the workshops include advanced investigative techniques and preventative measures, which are usually taught in areas where law enforcement already has an understanding in dealing with crypto crimes.
In other areas, the workshops cover basics to help enforcers understand what kind of information Binance has and the steps involved in freezing accounts. Often, Binance is requested to conduct more specialized training.
In February 2022, Binance came under fire among Nigerian users for restricting 281 accounts, forcing CEO Changpeng Zhao to admit that 38% of the accounts were restricted at the request of international law enforcement.
Law enforcement training would go a long way in Africa in helping officers better understand crypto crime and how to handle such cases amidst an influx of crypto scams and fraudulent activities involving crypto on the continent.
