Last minute! Binance Has Made a Statement! Has the Stock Market Been Sued?
The world’s largest crypto currency exchange in terms of volume responded to the claims shared a few minutes ago. We shared the details about the allegations shared by Reuters as a last minute detail with you. Binance published an article saying that Reuters provided false information and sent them a detailed answer. So what answers did they give in this article?
Description of Binance
Tigran Gambaryan (Head of Global Intelligence and Investigations) works at Binance. The article he published today focuses on what the Binance exchange is doing to fight crime. In the last months of 2021, Binance has created a fairly large security team. Binance claims that they have the strongest and largest team in the sector at every opportunity. Some of the details from the explanation are as follows;
“As we approach the end of the year, I want to share some of the great work that has been done as part of our commitment to protecting the crypto ecosystem and, most importantly, its millions of users. Our security and compliance team – to the dismay of criminals out there – has increased its headcount by more than 500% in a year. There is no direct revenue from investing in people, tools and initiatives to fight cybercrime, but we continue to do so because it is the right thing to do. Since November 2021, Binance has responded to more than 47,000 law enforcement requests with an average response time of three days. This time is faster than traditional financial institutions, some of which can take months, at which point the money is gone. There is no direct revenue from investing in people, tools and initiatives to fight cybercrime, but we continue to do so because it is the right thing to do.”
The Binance Case
Tigran Gambaryan heads one of the most important departments of the stock exchange and is quite experienced in the crimes mentioned by Reuters. Binance has hired Tigran to conduct higher-level cooperation with regulators in this area. Briefly, who is Tigran, what are his past experiences, let’s read them in his own language.
“Prior to Binance, I served as a Special Agent in the Internal Revenue Service-Criminal Investigations (IRS-CI) Cybercrime Unit for over a decade. I conducted successful investigations to help those affected by Mt Gox and to expose the corrupt DEA agent in the Silk Road case. My colleague Matthew Price also has a wealth of experience in this area thanks to his work as a former IRS Criminal Investigation agent. For example, he was the lead agent in both the Bitcoin Fog and Helix/Grams investigations. For those interested in these cases, Wired reporter Andy Greenberg’s book Tracers In The Dark: The Global Hunt For The Crime Lords Of Cryptocurrency provides much more detail about our work at that time. In addition to this list, we have a webmaster from Europol dark – Greenberg’s book, situated in Nils Andersen-Roed – former U.S. Treasury, criminal investigators, and others, as well as sanctions for more than 17 years of experience in the field of traditional and digital finance expert.”
Binance is re-preparing that they are working with law enforcement agencies and says the following.
“Crypto is NOT a safe haven for illegal activities. At least I know that this is the truth for Binance. To summarize, in 2022, our team responded to more than 47,000 law enforcement requests. Security and compliance has gone up by more than 500% in the number of staff. He has participated in over 70 anti-cybercrime workshops with global law enforcement agencies. It was the first blockchain and crypto company to join the National Cyber-Forensics and Training Alliance (NCFTA).
The list here is only a small, albeit very important, part of the work that our Security and Compliance team has carried out over the past year. A large part of what we do goes on behind the scenes, away from the spotlight, and is rarely noticed by the media or the public. At Binance, we recognize that the sustainable and secure growth of the entire crypto ecosystem requires partnership and dialogue with global law enforcement agencies, and I look forward to continuing this very important work together in the coming months and years.”