Binance Trains Macau Police on Web3-Related Offenses
Binance, one of the largest cryptocurrency exchanges in the world, recently sent a team of officials to meet with law enforcement officials in Macau. The purpose of the meeting was to train officers to understand the loopholes in Web3 technologies that can help them catch criminals. With the expansion of the crypto sector into the $2.47 trillion (approximately Rs. 2,06,31,292 crore) industry that it is today, the number and types of crypto crimes have grown worldwide. Due to the sector’s considerable youth, law enforcement agencies around the world have faced challenges in Web3-related investigations.
The exchange posted official details about the training session on Thursday, May 13. The Macao Judiciary Police had invited Binance to train officers from the Criminal Investigation Department and the Gaming Related Economic Crimes Investigation Department, the exchange said. rack from Binance.
A total of 40 agents participated in the training, which was led by Carlos Mak, a specialist from Binance’s internal investigations team.
“This approach sharpens our team’s skills and familiarizes them with techniques to combat crimes involving virtual assets. We appreciate Binance’s willingness to voluntarily share their invaluable insights on blockchain and virtual assets investigations, and we look forward to further cooperation in the future,” the Macau Judiciary Police spokesperson was quoted in the post as commenting on the development.
Macau is one of the locations in Asia where the Web3 and gambling sectors are not unknown or unpopular.
Earlier in May this year, authorities in Macau Reportedly 351 gambling-related crimes recorded between January and March this year, representing a 122 percent increase in cases, bringing the total to 193 cases. In 2023, the number of gambling-related crimes in the region also increased Reportedly increased by 110 percent compared to 2022.
Given the increasing number of cases, Macau’s law enforcement officers deemed it necessary to undergo proper training to handle such cases.
Binance claims to have held more than 120 online and offline training sessions with law enforcement officials globally last year.
“The closer cooperation with the global law enforcement community is the foundation of Binance’s tireless commitment to protecting users and creating a safe online financial environment,” Mak was quoted as commenting on the development.
Last month, Coinbase, Binance’s cryptocurrency exchange, also launched an educational and awareness initiative called “Tech Against Scam” to educate the tech community on ways to protect themselves from fraud and online scams.
Other crypto-related companies such as Chainalysis and the Certified Cryptocurrency Investigator are also organizing similar trainings to help law enforcement identify and investigate Web3-related crimes surrounding blockchain, cryptocurrency, metaverse, and NFTs.
