Binance Partners With Philippines CICC to Fight Blockchain Cybercrimes
- Countries are fast moving toward blockchain and digital assets adoption, thereby increasing different regulations.
- Binance has received several regulatory approvals from different jurisdictions including the United States.
- Binance and its KYC program are available to over 200 jurisdictions.
Binance cryptocurrency exchange has announced that it is working with the Philippines Cybercrime Investigation and Coordination Center (CICC) under the Department of Information and Communications Technology (DICT), to fight blockchain-related cybercrime. As a way to foster secure blockchain adoption in PH, Binance is willing to work closely with LE to bring down related cybercrime. Furthermore, billions of dollars have been stolen and laundered through blockchain technology and the cryptocurrency market in the past.
Additionally, the trend is likely to go on before global regulators come together to fight the demon together. Moreover, increasing geopolitical tensions among military superpowers including the United States, Europe, and Russia.
Notably, Binance held a two-day seminar in the country that was attended by major shareholders from the security sector. Among the attendees was the company’s Asia Pacific Head of Intelligence and Investigations, Jarek Jacubcek. Worth noting that Jacubcek is a former member of the Garda, the Irish National Police, and Europol’s Cybercrime Centre. He joined Binance cryptocurrency exchange back in May, whereby he is tasked to take down malicious activities in the crypto ecosystem with the help of law enforcement agencies across the region.
The seminar focused on common cybercrime activities that take place through blockchain technology, particularly involving cryptocurrency exchanges.
Among the notable attendees in the two day seminar also included CICC Usec Alexander K. Ramos, CICC Deputy Director Mary Rose Magsaysay, and PCol. Armel Gongona, Deputy Director of Administration of the Philippine National Police (PNP) Anti-Cybercrime Group.
“We are here to increase the technical capacity of our law enforcement and to help the judicial system appreciate cryptocurrency and how it is used as digital evidence in the judicial system. We are doing this because we need the public reassured that our law enforcement system is catching up to high tech criminals. We welcome cryptocurrency transactions so that the public may be able to use it for their economic activities,” says Mary Rose Magsaysay, Deputy Executive Director, CICC.
Binance Braces for Tougher Regulations From Around the World
Countries are fast moving toward blockchain and digital assets adoption, thereby increasing different regulations. Binance has received several regulatory approvals from different jurisdictions including the United States. Consequently, Binance has the largest global cryptocurrency order book with approximately $76 billion in 24-hour trading volume.
Reportedly, Binance and its KYC program is available to over 200 jurisdictions.
According to a recently published White House directive on cryptocurrency use and adoption, government-to-consumer payments are key to developments of future financial rails.
The White House report, however, noted that some digital assets could help facilitate faster payments and make financial services more accessible. Nonetheless, the Biden administration noted that more work is needed to ensure digital assets do not lead to predatory financial practices.
The cryptocurrency market has been identified as a potential industry by most institutional investors. However, due to the low level of crypto regulations, most institutional investors are spectating from the side.