Here’s how Binance is harnessing blockchain technology to monitor transactions to protect users and fight financial cybercrimes.
“The share of cryptocurrency transactions tied to illicit actors is small,” says Andersen-Röed “But when digital assets are used in illicit activities, we have the infrastructure needed to identify it in real-time.” The blockchain knowledge graph can be used not only to track existing activity but to also glean insights that can prevent crime.uses the information it gathers to stop bad actors before they become a threat to users. But even if a crime does take place, the work of compliance and investigations experts at Binance increases the chances of victims’ funds being recovered and perpetrators being identified and prosecuted.
“We can’t always share details publicly about all of these cases, but this is what drives my team,” states Andersen-Röed. “Seventy-five per cent of us are former law enforcement, and it’s a very dedicated group. When you identify a potential terrorism campaign and it leads to someone being arrested and stopped, it shows the work we do directly impacts people.” At, the overall goal is to create a digital asset and environment that is safe and secure so that it can continue to grow.
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Source: BBCAfrica - 🏆 23. / 61 Read more »