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Binance Becomes First Crypto Company to Join NCFTA

Binance sets precedence as the first blockchain and crypto setup to join the NCFTA.

Binance Joins NCFTA

Binance announced it has joined the National Cyber-Forensics and Training Alliance (NCFTA) to help combat and counter threats of cyber crimes through the development and sharing of threat intelligence. 

Changpeng Zhao (CZ), Chief Executive Officer (CEO) of Binance, announced in his January 18 tweet that Binance has become a formal member of the alliance. Binance is also the first company from the blockchain and crypto industry to join NCFTA. 

“Binance is an industry leader with a proven track record in auditing international cybersecurity investigations,” said Matt LaVigna the President and CEO of NCFTA. “With their leadership, collaborate approach, and commitment to the war on cyber crime, they will enhance our ability to achieve the current mission of the NCFTA and assist in enabling a safe environment not only for the blockchain and cryptocurrency industry, but for everyone.”
Source: NCFTA was established in 2002, a non-profit organization aimed at combating cyber crime

The purpose of the NCFTA organization is to provide a neutral and trusted environment that enables a two-way collaboration and cooperation to identify, mitigate and disrupt cyber crime. On its website, NCFTA provides the results of its efforts in combating cyber crime. It has successfully averted losses of approximately $2.31 billion and led to 1,150 arrests by law enforcement agencies.

Creating a Safe Crypto Space

The crypto space is experiencing exponential growth. The growth in this space provides opportunities for all kinds of activities, including malicious ones. 

In the past, because activities in the crypto space were dispersed and procedures on Know-Your-Customer (KYC) and Anti-Money Laundering (AML) protocols were lax, criminal activities went undetected. 

Centralized exchanges like Binance can play an important role in helping secure blockchain activity. Binance has a daily transaction value of $11.8 billion, at the time of writing. Activities on Binance must be tied to an account that is identifiable to a real-world identity. 

Source: Percentage of criminal activities using cryptocurrency has shrunk as the space becomes regulated

Activities can be traced to the human agents operating the account because of the mandatory KYC and AML procedures imposed. This makes Binance an important source of information to enforcement agencies around the world. 

As the biggest crypto trading in the world, Binance plays a pivotal role in shaping crypto security by advocating industry specific protocols aimed at weeding out the bad actors. These protocols can be adopted as a standard of best practices. 

Binance has adopted a proactive role in creating a safe space for all. Embracing regulation is an important factor for growth in the crypto space. The conversation with regulaltors must be a shared responsibility by all players in the ecosystem and Binance is leading the way forward with its proactive stance. 

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