Binance Becomes First Exchange to Join Cybercrime Fighting Alliance

Godfrey Benjamin   Jan 18, 2022 10:25 2 Min Read

Binance cryptocurrency exchange has joined the National Cyber-Forensics and Training Alliance (NCFTA), becoming the first digital currency trading platform to make such a move.

The NCFTA is a non-profit that is dedicated to identifying, validating, mitigating, and neutralizing cybercrime threats.

Binance will contribute to the fight against cybercrime through the Binance Investigations Group by being a part of the alliance. The trading platform will also help in sharing helpful intelligence that can help track bad actors and bring them to justice. Since its inception in 2002, the NCFTA has prevented a total of over $2 billion in potential losses and launched thousands of criminal and civil investigations, which have led to over a thousand arrests. 

“Cybercrime is a global threat that continues to see exponential growth, with the potential to impact the very fabric of our society,” said Matt LaVigna, President and CEO of the NCFTA.

“Binance is an industry leader with a proven track record in aiding international cybersecurity investigations. With their leadership, collaborative approach, and commitment to the war on cybercrime, they will enhance our ability to achieve the current mission of the NCFTA and assist in enabling a safe environment not only for the blockchain and cryptocurrency industry but for everyone.”

The digital currency ecosystem is constantly evolving, and so is the incidence of scams and thefts in space. Many blockchain protocols have proven unfit to combat the constant attack from cybercriminals, a move that saw many protocols suffer protocol breaches and fund losses to the tune of over $9.8 billion in 2021. 

With an insider who understands how data flows in the blockchain ecosystem, the NCFTA is billed to receive more credible intelligence to help it better monitor and oversee the nascent crypto ecosystem. The implication of Binance joining the alliance is multifaceted, and above all, it may serve as a standard for other blockchain firms to make a similar move.

The investment of crypto and blockchain players to fight targeted crime can grant the broader ecosystem goodwill amongst regulators. This development will be favourable to the ecosystem in the longer term.

Image source: Shutterstock

Hong Kong Police Crackdowns Crypto Investment Scam, involving $11M HKD

Read More