• Wed. Dec 6th, 2023

Crypto Firm Binance – A Helping Hand For Law Enforcement Agencies

Oct 4, 2021

UN’s recent report suggests that money laundered globally has exceeded an amount of US$ 2 Trillion in the past year. However, out of this 2 Trillion dollar, a very small percentage of that money is laundered on the basis of cryptocurrencies. But a bundle of thanks to a few responsible firms within the crypto community which are working side by side with the law enforcement agencies in identifying the malicious actors, busting their nefarious designs and through agencies take down crypto criminals.

Money laundering is a menace of society which feeds on the development and give rise to corruption and malpractices. It also gives rise to inequality and adversely impacts upon the civil society negatively. It was noticed as well as documented by UN that in the past year approximately US$ 2 Trillion were laundered globally. A very small percentage of the last year laundered money belonged to cryptocurrencies as well.

However, there are a few responsible firms within the crypto community which are actively working towards preventing money laundering. One such responsible firm is known as “Binance” – a global crypto trading and investment venue. It is a fact that for the past many years Binance has been working side by side with several law enforcement agencies in multiple countries. Binance is in fact acting as a helping hand for law enforcement agencies in identifying malicious actors within the crypto community.

For instance four months ago Binance told the public that it has helped a law enforcement agency in carrying out a cross-border investigation. Consequently, Binance was able to identify a whole network of criminals who were actively involved in cybercrimes. Busting the cyber criminals’ network namely “FANCYCAT” required Binance to cooperate with agencies of multifarious countries. For instance, it cooperated with the cyber police of the US, Swiss, Ukraine, Spain and South Korea.

The network was found involved in several criminal activities such as money laundering, ransomware and hack attacks, stealing crypto funds etc. Also the network was found connected with the black market i.e. Darknet. The investigation against FANCYCAT also revealed that against ransomware attacks only, the network caused a loss of half a billion dollar.

Thanks to Binance, a great myth was also busted which showed that most of the crypto firms are not aware of the cyber criminals. However, without the knowledge of most of crypto firms, criminals were using them as “middleman”.

At another occasion in August this year, Binance led another investigation and successfully busted a group of ransomware attackers. It was later found out that the group was responsible for causing a loss of US$ 42 Million approximately. However, the entire group of ransomware attackers had been arrested by law enforcement agencies. Binance’s efforts in aiding crime prevention agencies have been time and again appreciated. Even the Federal Bureau of Investigation (FBI) of the US has issued letters of appreciation to Binance for its efforts in identifying crypto criminals.

This is why Binance also encourages other firms to act responsibly in an effort to make crypto industry clean from malicious actors.

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