The National Cyber-Forensics and Training Alliance (NCFTA), an American non-profit, onboarded its first crypto firm, Binance, to aid in their ongoing fight against cyber crimes.
Founded in 2002, the NCFTA partners with law enforcement and various commercial and educational entities to obtain threat intelligence to identify and mitigate cybercrime threats. By partnering with Binance, the world’s largest crypto exchange in terms of trading volume, the NCFTA aims to tackle international cybersecurity investigations.
According to Binance’s VP of Global Intelligence and Investigation, Tigran Gambaryan, the exchange aims to be a leading contributor to the fight against cybercrime, ransomware and the financing of terrorism:
“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 emerging and real-time threats related trends as well as access to NCFTA’s dedicated team of analysts. The crypto exchange has also established an in-house team, namely the Binance Investigation Group, to combat blockchain and cryptocurrency fraud. According to the press release:
“To date, Binance has cooperated with hundreds of criminal investigations that have led to high-profile arrests, including one involving a cybercriminal group that laundered $500 million in ransomware proceeds.”
The Gambarian also believes that securing the crypto ecosystem against cyber threats requires strong collaboration between law enforcement, government agencies and ecosystem players.
related: Pakistan will investigate Binance for multi-million dollar crypto scam
On 9 January, Pakistan’s Federal Investigation Agency (FIA) issued a formal notice to Binance identifying links to multi-million crypto scams in the region.
Karachi: The Federal Investigation Agency (FIA) has detected an online fraud of 100 billion rupees using cryptocurrency and issued a notice to a local representative of Binance, @cz_binance @binance @BinanceHelpDesk @BinanceUS pic.twitter.com/3oukwzmDqh
— Masoom Pashtin✌ (@FighterDawar) 7 January 2022
As Cointelegraph reported, the Pakistani government received several complaints against the ongoing scam, which involved misleading investors into sending funds from Binance wallets to unknown third-party wallets – prompting a criminal investigation.
Speaking to Cointelegraph, a Binance spokesperson confirmed the exchange’s intention to cooperate with local authorities:
“User safety is a top priority for us at Binance. Our law enforcement team works closely with agencies and governments around the world to help educate teams on dealing with financial crimes.”
