Binance, the world's leading cryptocurrency exchange, has outlined its collaboration with global law enforcement agencies to enhance the safety of the blockchain ecosystem. The company stated in a blog post that ensuring the security of crypto users is its primary concern.
According to Binance's post, its security and investigations teams have aided law enforcement agencies in dismantling international crime syndicates, addressing significant hacking incidents, and resolving cybercrimes perpetrated against individuals. Binance's investigative efforts and assistance to law enforcement have resulted in the apprehension of criminals, recovery of victims' assets, and disruption of international crime and terror organizations. Over recent years, Binance has heavily invested in security and compliance for user protection.
In June 2023, as reported by Globe Banner, the Israeli government acknowledged Binance for its part in freezing and confiscating funds associated with Hezbollah, an Iranian-backed terrorist organization. Binance's Sanctions Investigation Team and other compliance teams assisted Israel’s National Bureau for Counterterrorism Finance (NBCTF) and the Israeli National Cybercrime Unit in identifying and freezing approximately $1.7 million in crypto linked to Hezbollah. "This is the first event of this magnitude in which an infrastructure headed by Hezbollah and the Iranian Quds Force that transferred millions of dollars for use by terrorist elements was thwarted," said Israeli Defense Minister Yoav Gallant.
In August 2023, according to a blog post by Binance, their extended cooperative efforts with Tajikistan's Financial Monitoring Department under the National Bank and local law enforcement agencies led to the disruption of terrorist financing and arrests of several individuals affiliated with Islamic State – Khorasan Province (ISKP), a branch of the militant Islamic State group. The company's Sanctions Investigations and Compliance teams worked diligently to identify, locate, and share intelligence about this terrorist group leading to multiple arrests including that of high-ranking member Shamil Hukumatov who was actively involved in planning terror attacks.
In April 2023, Binance assisted the FBI in confiscating over $100 million in crypto tied to scammers, as reported by Grand Canyon Times. "We're very proud to have supported this significant case," Binance stated on X. "It's a huge win for the FBI & demonstrates how the transparency of blockchain enables law enforcement to disrupt organized crime that can operate under the cloak of darkness in traditional finance." The company further pledged to continue its close collaboration with regulators and law enforcement agencies to raise scam awareness and prevent more crimes.
Launched in 2017, according to CoinMarketCap, Binance had a daily trading volume of approximately $76 billion as of August 2022, making it the world's largest crypto exchange. Binance lists over 350 tokens and provides users with options to buy, sell, and store digital assets.
