Binance exchange aids in fighting cybercrime

Samuel Lim, Chief Compliance Officer at Binance shared a report of their commitment to combat cybercrime by showcasing a recent law enforcement case that they supported. This news emerged on 26 September.

Samuel started by informing that earlier in the year, Binance had worked with the Cyber Crime Unit of the UK’s Metropolitan Police Service. This was in a bid to assist with their investigation into a Bulgarian suspect responsible for creating and selling phishing scripts. This notorious activity targeted customers of at least 53 different services. Samuel summarized that this criminal was extradited from Bulgaria to the UK and was punished.

Samuel emphasized the seriousness of the situation noting – 

“By imitating legitimate companies, other criminals were able to use his scripts to obtain personal information about customers of those services, which was later allegedly sold on the dark web. The operation affected roughly half a million victims, with most being targeted via e-mail, and resulted in fraud totaling about £41.6 million British Pounds. We are pleased with the outcome of this case and are proud to have helped bring justice to those involved.”

Samuel noted that Binance had always prioritized security and always worked to protect their customers from bad actors. He maintained that by staying true to that, they were constantly refining and advancing the technology that they use. Such a system keeps the platform secure, which helps to ensure that they continue to set and maintain industry standards.

Binance-has-always-prioritized-security-and-always-working-to-protect-customers-from-bad-actors

Samuel sustained by adding that they also recognize cooperation with law enforcement entities around the world plays a part in fostering a safe environment. He expressed thanks to the UK Metropolitan Police Service, as well as the many other agencies for actively working with them. Samuel was also grateful to other industry players, to continue the fight against cybercrime and sustain a healthy, legitimate market.

Crypto exchange platform, Binance announced via a blog post regarding the acquisition of JEX, a crypto exchange platform. Jex offered its customer’s spot and derivatives trading services. Post-acquisition JEX is renamed to Binance JEX. The blog commenced by stating that the new Binance JEX will operate as an independent body under the Binance ecosystem. The blog also said that the JEX token would have to be shifted from ERC-20 standard to BEP-2 standard tokens on the Binance chain. Binance announced that it would assist with this transfer.