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Binance will help global enforcement agencies to prohibit crypto scam

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Binance will help global enforcement agencies to prohibit crypto scam 8

The top popular crypto exchange Binance seeks to push crypto adoption by helping enforcement agencies against crypto-related scam activities. 

Binance is the first-ranked crypto platform in the crypto space because of its responsive crypto services for crypto Investors. The exchange was initially launched in 2017 and now its secured services are helping it to stand at first rank over all the crypto platforms. Since late 2021, Binance showed a significant inclination toward increasing its compliance efforts in the world. 

Recently, Matthew Price, the head of intelligence at Binance and former investigations in the Americas, talked about the latest efforts of the exchange which aims to create a better ecosystem for cryptocurrencies & blockchain technology. 

In CoinDesk TV’s “First Mover” program, Matthew said that the latest initiative by Binance is going to be the first unique kind of step to help enforcement agencies to understand crypto & blockchain technology so that they can trace & catch illegal crypto activities easily.

“It’s the first industry-led initiative to provide training to law enforcement, regulators (and) prosecutors around the world, to tackle financial crimes and crimes that may occur using cryptocurrency,” Matthew said.

Further Binance officials said that it is necessary to increase the ability of enforcement agencies to investigate crypto-linked financial crimes, which is possible via the easiest & better understanding of this technology. 

The former Internal Revenue Service agent also said:

“Explaining how to investigate it, how to request information from cryptocurrency exchanges, how to use that information, how to interpret it, and how to work with the industry to tackle the bad actors out there.”

Increasing Hacking attacks in the crypto industry

In the past few years, after the rise of the Defi sector, hacking attacks surged rapidly. According to a report from crypto analytic platform Chainalysis, hackers secured more than $200 million worth of funds in only August of this year. 

Increasing Hacking attacks impacting the reputation of the crypto sector badly and also the anonymous nature of some cryptocurrencies are increasing problems for govt agencies because they are failing to understand how to trace & catch the bad actors.

Read also: Japanese PM Says country plans to invest in NFTs & Metaverse

Binance will help global enforcement agencies to prohibit crypto scam

 

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