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Binance teaches law enforcement how to track crypto crime by CoinEdition

Binance teaches law enforcement how to track crypto crime

  • Binance is hosting a seminar on cryptocurrency and cybersecurity.
  • The law enforcement agency educated auditors on cybercrime operations.
  • Stern says Binance is actively working with the Philippine government to provide a safe crypto environment for Filipinos.

Given the recurring cases of theft in the crypto industry, Binance, the largest crypto exchange, held a training seminar on cryptocurrency and cybersecurity with law enforcement in the Philippines.

Binance CEO Changpeng Zhao tweeted about the September 14 session, noting that it was partnered with the Cybercrime Investigation and Coordination Center (CICC), representatives from Bangko Sentral ng Pilipinas (BSP), and the National Bureau of Investigation (NBI).

The training provided members of Philippine cybercrime law enforcement with an overview of cryptocurrency activities, common financial cybercrimes, investigative techniques, prosecutions, and digital forensic reporting. They also learned how crypto exchanges communicate with each other, how to track crypto transactions, and typical cybercrime operations.

Mary Rose Magsaysay, Deputy Director of CICC, and PCol. Armel Gongona, deputy director of administration for the PNP’s anti-cybercrime group, are both present at the seminar alongside Jarek Jakubcek, Binance’s head of intelligence and investigations for Asia-Pacific.

Kenneth Stern, Managing Director and CEO of Binance Philippines, said, “Binance is actively working with the Philippine government to ensure Filipinos are ready to embrace cryptocurrency through industry risk mitigation.

During a Senate hearing last month, Stern recommended that:

It is important to focus on a few key elements – AML, KYC, consumer protection, creating controls and processes, and working with global experts to create public education to engage them in the risks of crypto assets .

Other reports suggested that Binance was eagerly awaiting a Virtual Asset Service Provider (VASP) license from the Philippine authority.

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