Binance has taken the pledge to counter every fraudulent activity related to the world’s blockchain and ecosystem. To achieve their purpose, they reach out to law enforcement agencies and regulators all over the globe.
One such recent example is the Binance Sanctions Investigations team, along with the Ministry of Defence in Israel, pulling the shutter on a terrorist operation connected with the Quds Force and Hezbollah in Iran. They were successful in confiscating a huge amount of cryptocurrency, which was to be used for financing terrorist activities.
According to the Binance Sanctions Investigations team, in its quest to identify malafide financial deals, Binance is careful to refrain from targeting those who are sacrosanct. The idea for them is to only try and clean the mess in the crypto arena that creeps up from time to time. They are pleased with the fact that they were of help to Israel in this matter.
The Binance Sanctions Investigations team, along with the Financial Crimes Compliance team and Nils Anderson-Roed, has the endorsement of the National Bureau for Counter Terror Financing (NBCTF) of Israel.
It was in 2022 when more than 47,000 lawful requests came their way, against which they took the effort to reply to them all. There are matters of terrorist funding, as well as material related to children’s sexual exploitation, hacking, and other unlawful activities that are taken up by them. The team has been responsible for recovering over $1 billion that was being used for all the wrong reasons.
The setting up of Law Enforcement Training Programs all over the world was Binance’s initiative. This was done with the intention of assisting legal authorities in being able to identify cybercrime cases, followed by the consequent prosecution.
The training module includes the basics of blockchain and speaks of Binance’s AML and investigative procedures. Binance has been instrumental in conducting more than 120 cybercrime-related workshops for the benefit of investigators all over the globe.