With the new partnership, Binance is reaffirming its stance on the fight against cybercrime and also its aim of securing the cryptocurrency ecosystem for the entire community.
The National Cyber-Forensics and Training Alliance (NCFTA), a non-profit organization based in the United States, has welcomed Binance as its first crypto partner in its fight against cybercrime.
About the partnership
The NCFTA, which was founded in 2002, collaborates with law enforcement, businesses, and academic institutions to gather threat intelligence in order to identify and mitigate cybercrime threats.
The NCFTA hopes to combat international cybersecurity investigations by cooperating with Binance, the world’s largest crypto exchange by trade volume.
According to Tigran Gambaryan, Binance’s vice president of global intelligence and investigations, the exchange aspires to be a leader in the battle 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.”
Binance will have access to NCFTA’s dedicated staff of analysts as well as trends relating to emerging and real-time threats as a result of this partnership. The Binance Investigations Group has also been established by the crypto exchange to combat blockchain and cryptocurrency fraud. The following is taken from the news 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 protecting the crypto ecosystem from cyber attacks necessitates close collaboration among law enforcement, government agencies, and ecosystem participants.
Binance’s involvement in a Pakistani cybercrime investigation
Speaking on cyber fraud, the Federal Investigation Agency (FIA) of Pakistan issued an official warning to Binance on Jan. 9 in order to identify links to a multi-million dollar crypto scam in the region.
A criminal inquiry was launched after the Pakistani authorities received many complaints about an ongoing scam that involves deceiving investors into transmitting funds from Binance wallets to unknown third-party wallets.
Binance has acknowledged that the exchange intends to work with the authorities in the area:
“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.”