Binance held a cybersecurity and cryptocurrency training seminar for law enforcement officials in Mexico City. It was J.
A press release containing details of this and other efforts was provided by BeInCrypto.
Binance Cybersecurity Workshop
In Mexico, Binance discussed technical concepts and case studies with approximately 35 researchers from four different agencies.
“It is important for us as government officials to remain at the forefront of understanding and using new technologies such as cryptocurrencies. The impact of virtual assets on organized crime and other illegal activities requires advanced responses adapted to these new challenges,” said Felipe de Jesus Gallo Gutiérrez, head of the Criminal Investigation Agency.
Read More: Binance Review 2024: Is This Crypto Exchange Right for You?
A strategy like this makes a lot of sense for Binance. BeInCrypto recently conducted an exclusive interview with Global Marketing Director Rachel Conlan, and she identified Latin America as a key area of interest for Binance’s expansion. Last year, the firm launched a cryptocurrency transfer service in nine Latin American countries, including Mexico.
Binance Law Enforcement Support
Binance has a history of working with law enforcement agencies.
“Working alongside law enforcement is an ongoing commitment of Binance, and training is a critical part of our collaboration. We want to continue working with local authorities to strengthen efforts to prevent, investigate and combat financial crimes,” said Frida Vargas, CEO of Binance Mexico.
Binance reports that the recovery rate for stolen funds has increased by 33% since 2023. Moreover, the press release claims that the company responded to more than 63,000 requests from law enforcement agencies worldwide in 2024 and participated in 120 similar training seminars last year.
According to Jarek Jakubcek, Head of Government Education at Binance, these joint efforts are mutually beneficial. Binance is committed to preventing crime and recovering stolen property in many jurisdictions around the world. The knowledge shared in these seminars can also help Binance.
“Collaboration between the public and private sectors is essential to prevent and combat criminal activity. Binance offers a number of tools to support this work in Mexico and around the world. Mexican authorities have shown great interest in gaining deeper knowledge about blockchain technology and cryptocurrencies,” Jakubcek said.
However, Binance has had a controversial history regarding anti-money laundering compliance.
Two years ago, the US Drug Enforcement Administration (DEA) said criminal organizations were using the exchange to facilitate money laundering operations.
Moreover, in 2023, Changpeng Zhao, the former CEO of Binance, pleaded guilty to violating anti-money laundering regulations. As a result, Zhao had to pay a fine of $50 million and serve a four-month prison sentence.
Read more: Who is Changpeng Zhao? An In-Depth Look at the Former CEO of Binance
However, by 2024 the company says it will become actively compliant.
