Binance has continued to create a safer platform for their users even in unfavourable conditions. Of late the Binance Sanctions Investigations team worked with the Israel’s Ministry of Defence to assist in taking down a terrorism financing operation linked to Iran’s Quds Force and Hezbollah, according to a statement issued by Tumie Mollo, the team’s
Conversation Architect.
He noted that “at Binance, we remain committed and active in furthering the security of the global crypto and blockchain ecosystem. A key part of this effort is our close collaboration with law enforcement agencies and regulators worldwide, working with them hand-in-glove to fight illicit cyber/financial crimes and thwart bad actors.
“Recently, the Binance Sanctions Investigations team, with support from the compliance teams at Binance, worked with Israel’s Ministry of Defence to help take down a terrorism financing operation linked to Iran’s Quds Force and Hezbollah. This was Israel’s first operation that targeted the Islamic Revolutionary Guard Corps – Quds Force and a historic case of this magnitude where millions of dollars in cryptocurrency intended for terrorist financing were seized. The team at Binance helped identify and disrupt this terrorist operation.”
The Binance Sanctions Investigations team further observed that “We are proud to have been able to provide our support to one of the most significant cases in counterterrorism financing and the successful takedown of Iran’s Islamic Revolutionary Guard Corps – Quds Force funding on the blockchain. Terrorism has no place in a civilized society, and we are committed to ensuring the safety and security of the global crypto community through our proactive work.”
The Binance Sanctions Investigations team, Financial Crimes Compliance (FCC) team and the Deputy Head of Financial Crimes Compliance Nils Andersen-Röed were recognized by Israel’s National Bureau for Counter Terror Financing (NBCTF) and the Israeli National Cybercrime Unit for their contributions to this case and several other operations with Israel for global security.
Last year, the Binance Investigations team responded to over 47,000 law enforcement requests with an average of three days response time which is faster than any traditional financial institution.
Across the globe, we have addressed several security-related issues and financial crimes including terrorist financing, child sexual abuse material, nation-state hacking, intellectual property, narcotics smuggling, and investment and romance scams. To date, the team helped law enforcement freeze and seize more than $1 billion and more than $900 million this year (as of May 2023) alone in illicit transactions and funds.
We created the industry’s first program/coordinated effort (Law Enforcement Training Program) across the globe to help law enforcement and prosecutors detect financial and cybercrimes and to assist in the prosecution of bad actors. The training includes concepts of blockchain and highlights Binance’s AML and investigative methods.
As we further our work with regulators and as more public and private sectors look at crypto, we have seen an increased demand for these trainings. We organized and participated in over 120 anti-cybercrime workshops for global investigators and law enforcement agencies over the past year.
