• Binance has started a program to train law enforcement on how to spot cyber crimes, moving in response to greater demand for help. 
• The world’s largest crypto truck platform said Tuesday its investigations team has responded to more than 27,000 law enforcement requests since November.
• The FBI recently alerted about cyber criminals increasingly exploiting vulnerabilities in decentralized finance, or DeFi, platforms. 

Binance, the world’s largest crypto trading platform, said Tuesday it has launched a global program to train law enforcement on how to single out cyber crimes, moving in response to greater demand for help by public and private entities. 

Binance said in a declaration the program is the first globally coordinated effort in the industry. The focus expands beyond crime detection to include aiding in the prosecution of “bad actors who use digital assets,” it said. 

Last month, the FBI issued a warning about cyber criminals increasingly exploiting vulnerabilities in decentralized resources, or DeFi, platforms to steal cryptocurrency from investors. Cyber criminals stole $1.3 billion in cryptocurrencies during the initially three months of 2022, nearly 97% of which was swiped from DeFi platforms, the agency said, citing details from Chainalysis. 

Binance said its investigations team has responded to more than 27,000 law enforcement requests since November. Also, the band over the past year has run and participated in more than 30 workshops working with law enforcement officers in rural areas including the UK, Brazil, Canada, Germany, Israel, and South Korea. 

“We work hand-in-hand with law enforcement to track and pursue suspected accounts and fraudulent activities, contributing to the fight against terrorism financing, ransomware, human trafficking, descendant pornography, and financial crimes,” Tigran Gambaryan, Binance’s VP of global intelligence and investigations, said in the statement. Gambaryan in the old days served as a special agent at the Internal Revenue Service’s Cyber Crimes Unit. 

The training program is being led by colleagues of Binance’s investigations team that employs security experts, former law enforcement agents, analysts, and operatives who had expropriated take down major criminal platforms such as Silkroad and Hydra.

The one-day training includes in-person workshops on the concepts of blockchain and crypto assets and bull sessions on methods Binance has developed to detect criminals and prevent violations.