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Binance cryptocurrency exchange has played a leading role in the suppression and detection of criminal activities related to cryptocurrencies. During 2020 and 2021, the trading platform has repeatedly collaborated with law enforcement agencies of large states and helped to solve many criminal cases.
Binance’s management has created a dedicated department to analyze security data and test and integrate fraud protection systems. The cryptocurrency platform employees have developed and implemented innovative methods for tracking transactions carried out by the service’s clients.
In her blog, the press office of the Binance exchange emphasized that it takes very seriously the need for strict control over the actions of users of the service. Reasonable measures by regulators and continuous improvement of the level of security should go a long way in preventing fraudulent activity and other illegal transactions.
Thanks to the work of the new department, the exchange managed to find several large cybercriminal organizations as part of the Bulletproof Exchanger project. For example, the crypto exchange collaborated with the Ukrainian police and was able to help detect a criminal group that embezzled more than $ 42 million in cryptocurrencies through extortion.
In another case, Binance helped find scammers who stole more than $ 500 million in virtual assets. As a result, all members of the group known as FANCYCAT were arrested. The trading service also partnered with analyst firms TRM Labs and Crystal to solve the case. This case turned out to be one of the largest in history. Law enforcement agencies from the United States, South Korea, Switzerland and Spain were involved.
Earlier, the editorial staff of Crypto.ru reported that the National Union for the Protection of Consumer Rights (NSZPP) accused the Binance exchange of manipulating the prices of popular cryptocurrencies.
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