Binance posted a blog post on September 27 revealing the existence of its Global Law Enforcement Training Program. Since the company’s investigations team had been holding workshops for law enforcement over the past year, the creation of the program might be retroactive.
Binance’s investigations team was expanded a year ago. Since then, the company has held workshops lasting one day in many countries, according to its blog. Argentina, Brazil and South Korea were all mentioned. These workshops were designed to assist law enforcement in detecting and prosecuting financial- and cybercrimes.
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They claim to have answered more than 27,000 requests from law enforcement agencies since November, with an average response time in three days. Tigran Gambaryan is the global head of intelligence & investigations. He was previously a special investigator in the United States Internal Revenue Service Cybercrime Unit. Binance took over as his manager in September. Gambaryan stated in the statement:
We are seeing an increase in demand for training to educate on and combat cryptocurrency crimes. We have increased our training capacity and worked closely with regulators around the world to meet this demand.
Binance joined in January the U.S. National Cyber-Forensics and Training Alliance. It credited its strong compliance and Anti-Money Laundering programmes for helping it obtain permission to operate in France, Italy, Spain. However, its own compliance measures have been criticised in the past.
#Binance’s Global Law Enforcement Training Program. This is an industry first. The program is designed to help law enforcement detect financial and cyber crimes and assist in the prosecution of bad actors who exploit digital assets.https://t.co/AWinFlydtO
CZ Binance (@cz_binance), September 27, 2022
U.S. Securities and Exchange Commission (USSEC) investigated Binance in June on suspicions that the BNB token initial coin offer in 2017 had violated commission rules. Reuters published an expose alleging Binance had processed at most $2.35 Billion in hacked funds from 2017 to 2021 and that it had only weak Know Your Customer and Anti Money Laundering protections during those years.