Blockchain

NCFTA joins cryptocurrency exchange Binance to fight cybercrime

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The National Cyber ​​Forensics and Training Alliance (NCFTA), a U.S. nonprofit, has joined its first crypto company, Binance, to help them continue their fight against cybercrime.

Founded in 2002, the NCFTA works with law enforcement and various commercial and academic entities to obtain threat intelligence to identify and mitigate cybercrime threats. By partnering with Binance, the world’s largest cryptocurrency exchange by trading volume, the NCFTA aims to respond to international cybersecurity investigations.

According to Binance Global VP of Intelligence and Investigations Tigran Gambaryan, the exchange aims to be a major contributor to the fight against cybercrime, ransomware, and terrorist financing:

“Joining the NCFTA is an important step in our collective fight against cybercrime and protecting the entire community’s cryptocurrency ecosystem.”

Through this partnership, Binance will gain access to NCFTA’s dedicated team of analysts and trends related to emerging and real-time threats. The cryptocurrency exchange has also formed an internal team to deal with blockchain and cryptocurrency fraud, the Binance Investigation Team. According to the press release:

“To date, Binance has cooperated with hundreds of criminal investigations that have resulted in high-profile arrests, including a cybercriminal group laundering $500 million in ransomware proceeds.”

Gambaryan also believes that protecting the crypto ecosystem from cyber threats requires close cooperation between law enforcement, government agencies, and actors within the ecosystem.

related: Pakistan investigates Binance multi-million dollar crypto scam

On Jan. 9, Pakistan’s Federal Bureau of Investigation (FIA) issued an official notice to Binance to establish connections to a multi-million cryptocurrency scam in the region.

As Cointelegraph reported, the Pakistani government has received numerous complaints about an ongoing scam involving misleading investors into sending funds from Binance wallets to unknown third-party wallets — sparking a criminal investigation.

Speaking to Cointelegraph, a Binance spokesperson confirmed that the exchange intends to work with local authorities:

“User protection is our top priority at Binance. Our law enforcement team also works closely with agencies and governments around the world to help education teams tackle financial crime.”