Binance joins alliance to combat cybercrime

Binance became the first company in the cryptocurrency industry to join the nonprofit organization NCFTA, whose work is aimed at identifying and neutralising cybercrime threats. According to ForkLog, the information was provided by the bitcoin exchanges.

NCFTA was established in 2002. The organization aims to facilitate information sharing and expertise among private firms, law enforcement agencies, and the research community within the framework of international efforts to combat cybercrime.

According to a press release, the NCFTA initiative helped prevent potential losses of over $2 billion and brought more than a thousand perpetrators to justice.

“Cybercrime is a global threat that continues to grow exponentially. It can affect the very fabric of our society. Binance is an industry leader that has demonstrated a willingness to cooperate with international investigations in this area. […] They will expand our ability to carry out NCFTA’s current mission and help create a safer environment not only for the blockchain and cryptocurrency industry, but for everyone else,” said Matt Lavinia, President and CEO of the organization.

The Vice President of Binance for Global Intelligence and Investigations, Tigran Gambaryan, emphasised that the success of the crypto industry depends on close cooperation between industry players, law enforcement, and other government agencies.

Earlier, Binance hired Gambaryan, who spent more than ten years as a special agent with the IRS, in September 2021. The specialist led several major investigations in the cybercrime sphere, including the case of corrupt IRS employees accused of stealing cryptocurrency from the Silk Road darknet marketplace.