Binance, the world’s largest cryptocurrency exchange by trading volume, has officially joined the National Cyber-Forensics and Training Alliance (NCFTA), a nonprofit corporation focused on identifying, validating, mitigating, and neutralizing cybercrime threats. Binance now ranks as the first digital assets service provider to join the alliance which has been fighting cybercrime since it was established in 2002.
“Cybercrime is a global threat that continues to see exponential growth, with the potential to impact the very fabric of our society,” said Matt LaVigna, President and CEO of the NCFTA. “Binance is an industry leader with a proven track record in aiding international cybersecurity investigations. With their leadership, collaborative approach, and commitment to the war on cybercrime, they will enhance our ability to achieve the current mission of the NCFTA and assist in enabling a safe environment not only for the blockchain and cryptocurrency industry but for everyone.”
As part of the alliance, Binance and NCFTA will share intelligence on ways to combat blockchain and crypto-related threats. The trading platform will be able to contribute significantly to the mission of the alliance through its established Binance Investigations Group. Thus far, the efforts of the NCFTA have helped prevent up to $2 billion in losses and has heralded thousands of criminal and civil investigations to date.
Binance Exchange and the Fight Against Crypto Crime
Despite being the largest digital currency exchange by both spot and derivatives trading volumes, Binance has not experienced a major or significant protocol break compared to its peers in the space. Besides paying keen attention to safeguarding its platform, Binance is also renowned for collaborating with other stakeholders to prevent damning protocol breaches.
Through the efforts of the Binance Investigations Group, the exchanges’ activities have led to high-profile arrests, including a cybercriminal group laundering $500M in ransomware proceeds.
“The constantly evolving blockchain and cryptocurrency industry relies on strong cooperation between the industry, law enforcement, and government agencies,” said Tigran Gambaryan, Vice President of Global Intelligence and Investigations at Binance. “Joining the NCFTA is an important step in our joint fight against cybercrime, securing the cryptocurrency ecosystem for the entire community. Binance aims to be the leading contributor in the fight against cybercrime, ransomware, and terrorism financing. We will continue our fight against cybercrime and increase our level of cooperation and transparency through our partnership with the NCFTA.”
The expectation is that the NCFTA will bring its in-depth crime-fighting resources to help the blockchain industry which has been seeing an alarming rate of hacks in recent times.