Binance Says Reuters Get it Wrong Again, Release Facts, Figures, and Statistics of Fighting Cybercrime

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Yusuf Balogun
Yusuf Balogun
Yusuf is an aspiring Journalist and Health law expert with a special focus on technology innovations. He is a writer at Right for Education, Libertist Centre for Education, Qwenu, and Editor at Gamji Press, UDUS.

Binance, the world’s largest cryptocurrency exchange, said Reuters has got it wrong again in response to a publication made by the media platform claiming that the splits between U.S. Department of Justice prosecutors and Binance are delaying a long-running criminal investigation and describing them as the crypto world falters.

Binance, through its global head of intelligence and investigations, Tigran Gambaryan, shared some facts, figures, and statistics behind the cryptocurrency exchange efforts to combat financial cybercrime over the past year. According to the firm, since the final months of 2021, it has started building what would arguably become the industry’s most robust security and investigations team.

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Four people familiar with the matter have told Reuters that the splits between U.S. Department of Justice prosecutors are delaying the conclusion of a long-running criminal investigation into the world’s largest cryptocurrency exchange Binance.

The investigation began in 2018 and is focused on Binance’s compliance with U.S. anti-money laundering laws and sanctions, these people said.

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According to two of the sources, several of the at least six federal prosecutors working the case feel that the information previously acquired supports taking severe action against the exchange and charging certain officials, including the founder Changpeng Zhao, with crimes.

Binance’s Facts, Figures, and Statistics of Fighting Cybercrime

Tigran Gambaryan started by finding a world-class team, saying fighting crime starts with the right people. He noted that in the span of a year, Binance’s security and compliance team had increased its headcount by more than 500%.

“Since November 2021, for example, Binance responded to over 47,000 law enforcement requests with an average response time of three days, which is faster than any traditional financial institution — some of which can take months, by which point the money has gone. Said Tigran Gambaryan, Binance has worked hard to build the world’s leading crypto security and investigation team full of best-in-class experts. It’s safe to say we’ve hired incredible law enforcement talent.”

He further stated that the company has strengthened and built relationships with law enforcement worldwide. The relationship has helped them share insider knowledge and expertise over the course of more than 70 workshops and training sessions with law enforcement and prosecutors in various countries – from Asia to Europe and the Americas.

“As a company with millions of users, who always come first, we also ensure each request is well within the boundaries of user privacy and rights. Each request goes through a strict process and thorough legal scrutiny to evaluate its validity and urgency, Tigran remarked. We’ve also seen the benefits and growth of our Global Law Enforcement Training Program, which we created to help law enforcement and prosecutors across the world detect financial and cybercrimes, and to assist in the prosecution of bad actors.”

In all, Tigran Gambaryan added that it is to be known to the naysayers and aspiring criminals: crypto is not the criminal tool the media often makes it out to be. Nor is it a lawless domain governed by crypto exchanges that refuse to work with law enforcement.

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