Binance Partners With Philippine-Based CICC To Aid In Cybercrime Prosecution And Blockchain Forensics

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Crypto exchange Binance has partnered with the Philippine-based Cybercrime Investigation and Coordination Center (CICC) to help in cybercrime prosecution and blockchain forensics.

Binance, the world's largest blockchain ecosystem, announced over the weekend that it has partnered with the Philippine-based Cybercrime Investigation and Coordination Center (CICC) under the Department of Information and Communications Technology (DICT).

The partnership will see Binance share its insights and experiences in preventing cybercrime using blockchain forensics with the various law enforcement agencies.

In a seminar designed by Binance and headed by the exchange’s Asia Pacific Head of Intelligence and Investigations, Jarek Jacubcek, Binance highlighted the numerous ways it would help authorities in cybercrime prosecution and blockchain forensics. 

Jacubcek covered the technical aspects of interactions with and between exchanges, cryptocurrency tracing, common cybercrime activities, investigative techniques, prosecution of financial crimes, and forensics report development using open-source intelligence tools.

Jarek Jacubcek joined the Binance team in May after spending years as a member of the Garda, the Irish National Police, and Europol's Cybercrime Centre. His job is to take down malicious activities in the crypto ecosystem with the help of law enforcement agencies across Asia.

Binance revealed that the seminar was also attended by the CICC Usec. Alexander K. Ramos, CICC Deputy Director Mary Rose Magsaysay, and PCol. Armel Gongona, Deputy Director of Administration of the Philippine National Police (PNP) Anti-Cybercrime Group.

While commenting on this latest development, Mary Rose Magsaysay,  Deputy Executive Director, CICC, said;

"We are here to increase the technical capacity of our law enforcement and to help the judicial system appreciate cryptocurrency and how it is used as digital evidence in the judicial system.  We are doing this because we need the public reassured that our law enforcement system is catching up to high-tech criminals. We welcome cryptocurrency transactions so that the public may be able to use it for their economic activities.”

Binance has always taken the security of data and funds seriously. The exchange has a strict KYC policy that imposes a zero-tolerance approach to double registrations, anonymous identities, and obscure sources of money.

The cryptocurrency exchange said its  KYC processes are compliant with AML/CFT rules in over 200 jurisdictions. Furthermore, the exchange doesn’t allow users to trade on its platform without first completing the KYC checks. 

Jacubcek pointed out that: 

"Our primary objective over the past 18 months has been to assemble a globally recognized security and compliance team, consisting of more than 500 people from across the globe."

Jacubcek added that users also need to take responsibility for their security online and when trading cryptocurrencies. He added that:

''Cryptocurrency gives users power. All of a sudden, people have ownership of the funds. They can send funds from one person to another. But with the power comes responsibility. So, people should be very careful about their sensitive data and their cryptocurrencies when they're making these transactions. With more education, consumers will appreciate the importance of personal data hygiene and better cybersecurity practices."

This isn’t the first time Binance is holding a training session for law enforcement offices. The crypto exchange delivered workshops for law enforcement agencies and banking professionals in Germany (BKA, LKA, prosecutors), Canada (mixed Law Enforcement audience), Italy (Guardia di Finanza), Paraguay (prosecutors) and Brazil (Brazilian Federal Police and Prosecutors) to help facilitate investigations of cybercrimes around the world.

Binance takes the security of funds seriously and has one of the world's largest insurance funds called SAFU (secure asset fund for users), with holdings of $1 billion held transparently in two separate wallets that are auditable by the public at any time. The funds can be used to payout to users should their accounts be subject to hacks.

The training seminars held for security agencies across the globe further set Binance apart from its competitors, cementing its place as the world’s largest cryptocurrency exchange. Positive Binance reviews also make it one of the most trusted cryptocurrency exchanges in the world.

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.