NCFTA onboards crypto exchange Binance to fight against cybercrime

The National Cyber-Forensics and Training Alliance (NCFTA), an American non-profit, onboarded its first crypto firm Binance to aid their ongoing battle against cybercrimes. 

Founded in 2002, the NCFTA partners with law enforcement and various business and academic entities to source threat intelligence to identify and mitigate cybercrime threats. By partnering with Binance, the world’s biggest crypto exchange in terms of trading volume, the NCFTA aims to tackle international cybersecurity investigations.

According to Binance’s VP of Global Intelligence and Investigations, Tigran Gambaryan, the exchange aims to be the leading contributor in the fight against cybercrime, ransomware, and terrorism financing:

“Joining the NCFTA is an important step in our joint fight against cybercrime, securing the cryptocurrency ecosystem for the entire community.”

Through this partnership, Binance will gain access to NCFTA’s dedicated team of analysts along with trends related to emerging and real-time threats. The crypto exchange has also set up an in-house team to tackle blockchain and cryptocurrency fraud, namely the Binance Investigations Group. According to the press release:

“To date, Binance has cooperated with hundreds of criminal investigations, which have led to high-profile arrests, including a cybercriminal group laundering $500M in ransomware proceeds.”

Gambaryan also believes that securing the crypto ecosystem against cyber threats requires strong cooperation between law enforcement, government agencies and players within the ecosystem.

Related: Pakistan to investigate Binance for multi-million dollar crypto scam

On Jan. 9, Pakistan‘s Federal Investigation Agency (FIA) issued a formal notice to Binance to identify links around a multi-million crypto scam in the region.

https://twitter.com/FighterDawar/status/1479415705892265984?ref_src=twsrc%5Etfw

As Cointelegraph reported, the Pakistani government received numerous complaints against an ongoing scam that involved misleading investors into sending funds from Binance wallets to unknown third-party wallets — sparking a criminal investigation.

Speaking to Cointelegraph, a Binance spokesperson confirmed the exchange’s intent to cooperate with the local authorities:

“User protection is a top priority for us at Binance. Our law enforcement team also works closely with agencies and governments around the world to help educate teams on tackling financial crimes.”