Thursday, May 23, 2024

Binance partners with DICT on cybercrime, blockchain forensics

Blockchain company Binance has recently partnered with the Cybercrime Investigation and Coordinating Center (CICC) under the Department of Information and Communications Technology (DICT), to share its insights and experiences in preventing cybercrime using blockchain forensics with the various law enforcement agencies. 

Binance, a blockchain company, has partnered with local agencies on preventing cybercrimes

Designed by Binance and conducted by Jarek Jacubcek, the company’s Asia Pacific head of intelligence and investigations, the seminar covers the technical aspects of interactions with and between exchanges, cryptocurrency tracing, common cybercrime activities, investigative techniques, prosecution of financial crimes, and forensics report development using open-source intelligence tools. 

Jacubcek, a former member of the Garda, the Irish National Police and Europol’s Cybercrime Centre, joined the Binance team in May and is tasked to take down malicious activities in the crypto ecosystem with the help of law enforcement agencies across the region. 

“Binance has been actively working with the Philippine government to ensure that Filipinos are ready for cryptocurrency adoption through the mitigation of risks in the sector,” Kenneth Stern, general manager of Binance Philippines, said.

“While we ensure that our platform has robust security and Know Your Customer (KYC) measures in place, we also want to aid the government in creating a fertile ground for fintech players to drive financial inclusion. For this reason, Binance was asked to share its expertise in a recent senate hearing organized by Senator Mark Villar, who was joined by policymakers such as Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission, and the Cagayan Economic Zone Authority,” the executive added.

In a recent Senate hearing with the Committee on banks, Financial institutions, and Currencies, BSP deputy governor Chuchi Fonacier said the central bank favors a sandbox approach to regulation and a process that balances innovation in financial technology and consumer protection. 

The Philippines has a population with 78% left unbanked, but crypto asset holders, estimated to be around 4.3 million are now bound to surpass the number of credit card holders.  Binance is currently on track to securing a Virtual Asset Service Provider license in a bid to set up a local office and bring its world-class blockchain infrastructure solutions to Filipino cryptocurrency traders.

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