Binance Collaborate With Hong Kong Security, Vows to Combat Crypto-related Crimes
In the company’s little way of helping the Hong Kong government and the entire Asian continent combat the growing Crypto-related crimes in Hong Kong, they have engaged in the training of the Hong Kong police to help them in cryptocurrency-related crimes.
Binance, which currently has over 2.5 million global users in 2023, and makes around $28.6 million in annual revenue, said that this is part of their effort to become part of Asia’s growing cryptocurrency hub.
It was also gathered that the Asian continent is gradually becoming more hostile to cryptocurrency investors, judging from the series of cryptocurrency thefts recorded in places like China, South Korea, etc.
The last major crypto theft in that continent was the $400m cryptocurrency hack, which according to the FBI was carried out by known North Korean government-sponsored hackers, targeting an American crypto firm. This was among other minor crypto crimes emanating from that continent for some time.
Recently, Hong Kong has renewed its efforts to make the country a cryptocurrency hub, and modalities are being rolled out to facilitate that plan.
Binance Joins Hong Kong Police to Tackle Crypto-Crimes
Binance, in its blog post on the 3rd of February, disclosed its plans to join Hong Kong’s anti-cybercrime department of the Hong Kong police to utilize the latest cybersecurity infrastructures to tackle cryptocurrency-related crimes.
It was understood that the Hong Kong police were the first to introduce the initiative before the company picked interest. The training lasted only five days and was targeted at equipping the country’s cybersecurity department of the Police.
This program, when fully implemented, will equip the Hong Kong police department with the needed knowledge to better investigate and prevent any form of cybersecurity breach targeted at cryptocurrency firms or independent transactions.
Reports from the training center had it that the team from Binance covered some important cybersecurity topics, especially those prevenient in the country.
These topics include case studies of major crypto investigations and the technique(s) applied in solving the problem.
They were also said to cover ways Binance can help uncover any cryptocurrency criminal activities. While speaking about recent development, Jarek Jakubcek: Binance’s Head of law enforcement training, said that his company is committed to ensuring that the global cryptocurrency space is safe for everybody, and to achieve that aim, the global cybersecurity infrastructures that facilitate such activities must be strengthened.
Background of the Program
It is on record that Binance launched its enforcement training exercise sometime last year (2022). Since then, it has organized and completed over 70 training workshops, which were done among different countries’ security agencies.
The program is part of the company’s efforts to help law enforcement agencies to counter any form of cyber theft that mainly targets cryptocurrency transactions.
According to some investigative reports about this program, the inclusion of Hong Kong in this program is part of their efforts to dominate the country’s cryptocurrency space.
Analysts say this move was conceived out of the country’s intention to make the country cryptocurrency heaven for global traders and exchanges worldwide.
Industry analysts have also stated that the company may extend this program beyond the 70 already covered countries.
And while the Hong Kong government is trying to lure crypto investors, there are reasons to believe that Binance is also working on an effective strategy to properly penetrate and dominate countries, especially ones with lesser or no crypto activities.
Again, there have been speculations that other top cryptocurrency exchanges may copy such a strategy, considering its effectiveness shown in the results it has been generating so far.
And from other industry rumors making rounds, it is said that there may be other follow-up programs similar to what Binance is currently doing in those over 70 countries. Traders in Hong Kong, when interviewed, confessed that such an initiative would go a long way to curb the increasing cases of crypto-targeted cyber attacks in the Asian continent.
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