Will safeguard Web3 firms, crypto users with robust blockchain: Binance

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New Delhi: Leading blockchain and cryptocurrency platform Binance on Wednesday said it will strengthen collaborations and industry efforts between Web3 organisations and law enforcement agencies to further enhance security in the industry.

Jarek Jakubcek, Head of Law Enforcement Training at Binance said that “our goal is to build a safe blockchain ecosystem for all users.”

“In 2023, Binance will continue supporting and expanding initiatives such as the Global Law Enforcement Training Program and Joint Anti-Scam Campaign,” he added.

The crypto exchange increased the headcount of its security and compliance team by 500 per cent in 2022.

The team of security and compliance experts develop state-of-the-art security protocols which are designed to protect users and enhance user security, said Binance.

In an effort to protect the Web3 community, Binance recently partnered with law enforcement agencies around the world to launch the Joint Anti-Scam Campaign.

The project first kicked off in Hong Kong, where they collaborated with the Hong Kong Police Force (HKPF) to draft targeted alerts and crime prevention messages.

“In the first four weeks since its launch, approximately 20.4 per cent of users had either reconsidered the withdrawal or reviewed whether the transaction carried the risk of scams,” said Binance.

In the Philippines, Binance partnered with the Philippine-based Cybercrime Investigation and Coordination Center (CICC) under the Department of Information and Communications Technology (DICT).

“Since November 2021, the Binance investigations team has responded to over 47,000 law enforcement requests, with an average response time rate of three days,” said the company.

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( With inputs from )

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