Binance, one of the largest crypto exchanges in the world, recently sent a team of officials to meet with police officials in Macau. The goal of this meeting was to train officers in understanding the loopholes in Web3 technologies that could help them catch criminals. With the expansion of the crypto sector into the $2.47 trillion (roughly Rs. 2,06,31,292 crore) industry that it currently is, the number and types of crypto crimes have seen growth across the globe. Because the sector is quite young, law enforcement agencies around the world have had trouble investigating Web3.
The stock exchange released the official details of this training on Thursday, May 13. The Macau Judicial Police has invited Binance to train officers who are part of the Criminal Investigation Department and the Gaming Economic Crime Investigation Department, Binance said in a statement.
A total of 40 officials attended the training course led by Carlos Mak, an expert from Binance’s internal investigation team.
“This approach sharpens the skills of our team and familiarizes them with techniques to combat crime related to virtual assets. We appreciate Binance’s willingness to voluntarily share its invaluable insights on blockchain and virtual asset investigations and look forward to further cooperation in the future,” the post quoted a Macau Judicial Police spokesperson commenting on the development.
Macau is among those places in Asia where the Web3 and gambling sectors are neither unknown nor unpopular.
Earlier in May this year, authorities in Macau reportedly recorded 351 gambling-related crimes between January and March this year, marking a 122 percent increase in cases, totaling 193 cases. In 2023, the gaming-related crime rate in the region also reportedly increased by 110 percent compared to 2022.
Against the backdrop of these increasing cases, law enforcement officers in Macau felt it necessary to acquire adequate training to deal with such cases.
As for Binance, it claims to have conducted more than 120 online and offline training sessions with law enforcement officials last year globally.
“Deepening cooperation with the global law enforcement community is based on Binance’s unyielding commitment to protecting users and building a secure online financial environment,” Mak commented on the development.
Last month, Binance’s rival crypto exchange Coinbase also launched an educational and awareness initiative called ‘Technology Against Fraud’ to inform the tech community on ways to protect against fraud and online fraud.
Other cryptocurrency-related companies like Chainalysis and Certified Cryptocurrency Investigator also run similar courses to help law enforcement agents identify and investigate Web3-related crimes around blockchain, cryptocurrency, the metaverse, and NFTs.
