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NCFTA onboards crypto exchange Binance to fight against cybercrime

NCFTA onboards crypto exchange Binance to fight against cybercrime

The National Cyber-Forensics and Training Alliance (NCFTA), an American non-profit, onboarded its first crypto firm, Binance, to aid their ongoing battle against cybercrimes. 

Founded in 2002, the NCFTA partners with law enforcement and various business and acemic entities to source threat intelligence to identify and mitigate cybercrime threats. By partnering with Binance, the world’s biggest crypto exchange in terms of tring volume, the NCFTA aims to tackle international cybersecurity investigations.

According to Binance’s vice president of global intelligence and investigations, Tigran Gambaryan, the exchange aims to be the leing contributor in the fight against cybercrime, ransomware and terrorism financing:

“Joining the NCFTA is an important step in our joint fight against cybercrime, securing the cryptocurrency ecosystem for the entire community.”

Through this partnership, Binance will gain access to NCFTA’s dedicated team of analysts along with trends related to emerging and real-time threats. The crypto exchange has also set up an in-house team to tackle blockchain and cryptocurrency fraud; namely, the Binance Investigations Group. According to the press release:

“To date, Binance has cooperated with hundreds of criminal investigations, which have led to high-profile arrests, including a cybercriminal group laundering $500M in ransomware proceeds.”

Gambaryan also believes that securing the crypto ecosystem against cyber threats requires strong cooperation between law enforcement, government agencies and players within the ecosystem.

Related: Pakistan to investigate Binance for multi-million-dollar crypto scam

On Jan. 9, Pakistan‘s Federal Investigation Agency (FIA) issued a formal notice to Binance to identify links around a multi-million crypto scam in the region.

KARACHI: Federal Investigation Agency (FIA) has detected an online fraud of Rs100 billion using a cryptocurrency and issued notice to the local representative of Binance, @cz_binance @binance @BinanceHelpDesk @BinanceUS pic.twitter.com/3oukwzmDqh

— Innocent Pashteen✌ (@FighterDawar) January 7, 2022

As Cointelegraph reported, the Pakistani government received numerous complaints against an ongoing scam that involved misleing investors into sending funds from Binance wallets to unknown third-party wallets — sparking a criminal investigation.

Speaking to Cointelegraph, a Binance spokesperson confirmed the exchange’s intent to cooperate with the local authorities:

“User protection is a top priority for us at Binance. Our law enforcement team also works closely with agencies and governments around the world to help educate teams on tackling financial crimes.”

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ARTICLE: NCFTA onboards crypto exchange Binance to fight against cybercrime
PUBLISHED: 2022-01-18 14:00:00 
SOURCE: https://cointelegraph.com/news/ncfta-onboards-crypto-exchange-binance-to-fight-against-cybercrime
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