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Binance proves to be more dutiful towards executing rules

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The year 2022 was challenging for the entire crypto industry. Numerous businesses and exchanges have collapsed during a protracted bear market, yet Binance has managed to stay afloat. Since it was founded, Binance has developed a name for itself in the cryptocurrency sector. One of the most popular and well-known bitcoin exchanges now uses the platform. Due to its user-friendly platform and reasonably low costs, CZ’s exchange is appealing to everyone.

The number of scams and exploits linked to cryptocurrencies increased along with its popularity. The number of individuals trying to take advantage of this chance and profit from even the smallest security flaw in the cryptocurrency industry is growing.

Binance introduces a global law enforcement training program in an effort to control the exploiters and perhaps apprehend the offenders.

Officials globally to assist Binance in a new endeavor

Over the past 12 months, Binance’s research team has significantly expanded. The present scheme will help lawmakers more in their efforts to seize and prosecute exploiters of digital assets.

Law enforcement representatives from nations like Argentina, Brazil, Canada, France, Germany, Israel, the Netherlands, the Philippines, Sweden, South Korea, and the UK have worked with the Binance Investigations team. Over the previous year, these countries have participated in over 30 workshops on combatting financial and cybercrime. The blog post stated,

“As more regulators, public law enforcement agencies, and private sector stakeholders look closely at crypto, we are seeing an increased demand for training to help educate on and combat crypto crimes,” Tigran Gambaryan, Binance’s Global Intelligence, and Investigations head.

According to Gambaryan, the team has been working and training more closely with international regulators.

The investigative team of Binance will send experts and top practitioners to the program. The one-day training course will help the participants receive a personalized explanation of cryptocurrency and blockchain.

There will also be a talk about the firm’s investigative techniques and anti-money laundering policies. The effort would help international regulators to educate themselves and help them find offenders using digital assets.

Binance Exchange Helps Ukrainian Police Nab $42M Money Laundering Darknet Cartel

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Ukrainian law enforcement praised the world’s leading cryptocurrency exchange, Binance, for its input in helping to take down a large-scale darknet money laundering cartel. Ukrainian cyber-police teamed up with Binance to take down a group of cyber attackers for their role in $42 million ransomware and money laundering operations.

According to a joint statement made by Binance and the Ukrainian police, the three arrested individuals distributed malware and laundered stolen funds for more than two years. The report notes that the police seized $200,000 worth of computers, weapons, bullets, money and evidence connecting the three arrested suspects to the crime.

Binance helps identify money laundering darknet cartel

According to Binance, the trio arrested were all from Ukraine and were indicted back in June. The statement also notes that although their operations were based in Ukraine, the Darknet money laundering cartel has deployed a number of attacks worldwide. However, Binance does not disclose information on the size of the cartel or on the firms involved.

Binance started working with the Ukrainian authorities earlier this year, and the partnership seems to have begun to bear fruit. Successful operation is part of Binance ‘s alleged “Bulletproof Exchangers” scheme, which is aimed at tracking transactions between Binance and risky entities.

Binance and Huobi received more than half of all illegal Bitcoin in 2019

Binance participated in a similar criminal investigation in the United Kingdom last September. According to the exchange, it helped UK law enforcement to identify and arrest individuals who defrauded investors of $51 million.

Well, it is a realistic move for Binance to partner with law enforcement to track down illegal transactions. According to a study conducted by blockchain intelligence firm Chainalysis, Binance and Huobi exchanges took in more than 52 percent of all illegal BTC transfers last year. Furthermore, Binance single-handedly accounted for over 27 percent of the whole amount.

5 Suspects Wanted For Operating Indian Cryptocurrency Scam

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Law enforcement has recorded a case of five people who are suspected of running an Indian cryptocurrency scam that has been duping investors for over three years. Although the alleged fraud has been running for several years, the suspects are believed to only get away with a little recompense of about $34,200.

According to a report by New Indian Express on June 13, the five individuals were allegedly booked for hoodwinking investors in the disguise of virtual assets investment. The Indian cryptocurrency scam was single-handedly operated by the five suspects in Maharashtra state’s district of Palghar.

The scammers promised investors massive returns if they venture into their cryptocurrency investments. According to the report, the group solicited payments in the form of cash and bank cheques. However, the group became highly vague while interacting with the investors after receiving the funds as per the local police.

In the meantime, none of the five individuals has been detained so far. In March, two brothers, Amrit Bhardwaj and Vivek Bhardwaj were indicted by the authorities for running the multi-level marketing crypto scam GainBitcoin. The two have since been moved from the cyber Cell to an Indian police crime unit.

Police cracking down Indian Cryptocurrency Scam

The law enforcement in India has recently stepped up its efforts to crack down cyber crimes and crypto-related crimes. The police recently announced plans to develop an AI-powered web portal for dark web policing. Besides, law enforcement has also partnered with foreign regulators to apprehend free-market vendors dealing with unlicensed pharmaceuticals or drugs

Furthermore, the notion that cryptocurrencies may facilitate illegal activities might prove costly for the Indian crypto community. Recently, the Indian Ministry of Finance proposed another blanket ban on cryptocurrencies in the country; just three months after the Reserve Bank of India (RBI) lifted the banking services ban.