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#BinanceSafetyInsights In yet another case of successful public-private collaboration in the fight against crime, the Royal Malaysia Police (RMP) have recovered some 7 million Malaysian ringgit (approximately 1.6M USD) of the 20 million ringgit (4.5M USD) ransom paid by the family of a local kidnapping victim. With ransom paid part in cash, part in crypto, Binance’s investigators helped law enforcement trace the movement of digital assets, which allowed them to identify key suspects involved in this cross-border criminal operation. The investigation is ongoing, and authorities continue to unravel the criminal network responsible for the kidnapping. Tracing the Ransom In the early hours of the morning of October 13, a 59-year-old businessman was abducted in the city of Johor while waiting for a taxi to take him to the airport. Later on the same day, the kidnappers released the victim upon receiving a ransom payment from his family. Crime fighters sprang into action immediately. An effort involving the RMP, other regional law enforcement agencies, and investigators from Binance’s Financial Intelligence Unit (FIU) uncovered critical leads and identified suspects in the case. Utilizing advanced blockchain transaction analysis, the investigative teams traced the digital assets, identifying connections and revealing the criminal syndicate’s network. ASP Nurul Aqila, Senior Officer at the Commercial Crime Investigation Department (CCID) with expertise in cryptocurrency investigations, pointed out, “Binance’s assistance was instrumental in helping us trace cryptocurrency flows and identify key suspects across borders. Their expertise in blockchain analysis allowed us to pinpoint the exact transactions and follow the money trail, which was crucial in apprehending the suspects and recovering a significant portion of the ransom.” Aqila added that the case demonstrated the power of cross-border cooperation in addressing emerging digital crime

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$SOL Financial organizations have emerged as key players in the fight against online child exploitation, with their ability to track and disrupt payment flows playing a crucial role in prevention efforts. At the 2024 INHOPE Summit, experts highlighted how blockchain analysis significantly improves detection and reporting mechanisms. Our partnership with INHOPE enhances these efforts by leveraging Binance’s intelligence capabilities to support real-time detection and reporting of illicit transactions linked to CSAM, collaborate with law enforcement agencies worldwide to track and dismantle criminal networks, and provide technical expertise and resources to prevent misuse of decentralized payment methods. According to Samantha Woolfe, Head of Network Expansion and Global Partnerships at INHOPE, decentralized financial systems are increasingly being exploited by bad actors. She emphasized that working with Binance “strengthens global efforts to detect, report, and remove illegal content, ensuring a safer internet for all.”

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$BTC Looking ahead, Andersen-Röed flagged several emerging threats that demand close attention from the crypto industry. As adoption expands, so too does the sophistication of criminal tactics. Bad actors are growing more agile in obscuring the origin of funds. They increasingly rely on mixers, cross-chain bridges, and decentralized protocols to ‘wash’ transactions, while automation via smart contracts allows them to execute laundering strategies at scale. Some are even shifting to EVM-compatible blockchains with limited attribution tools, further complicating efforts to trace illicit activity. Cross-chain laundering, in particular, poses a significant challenge. By moving assets across multiple blockchains, often in quick succession, criminals can sidestep detection systems that weren’t designed for such fluid environments. Andersen-Röed emphasized that this evolving complexity calls for smarter compliance tools and stronger collaboration between industry players, regulators, and enforcement agencies. One particularly alarming development is the rise of AI-powered scams. Andersen-Röed noted that generative AI has dramatically lowered the barrier to entry for cybercrime. From deepfake videos of company executives to highly targeted, automated phishing bots, these tools enable criminals to launch convincing and large-scale attacks with minimal effort. To address these emerging threats, Andersen-Röed stressed that fighting financial crime in the digital age requires a united front across the crypto industry, traditional finance, and governments. Only through this collective approach will the industry be able to effectively combat the evolving risks and ensure a safer crypto ecosystem for all

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#StopLossStrategies Despite the high-profile headlines often surrounding crypto crime, illicit transactions make up only a small fraction of the overall crypto activity. Andersen-Röed emphasized this point, drawing on data from blockchain analytics firm Chainalysis. According to the data, illicit transactions have consistently accounted for less than 1% of total crypto volumes. In comparison, the United Nations estimates that between 2% and 5% of global GDP – around $2 trillion annually – is laundered through the traditional financial system. The FIU head further highlighted how the very nature of blockchain technology makes it easier to trace illicit activity than traditional fiat transactions. The transparency and traceability of blockchain allow for more effective tracking of bad actors, which is a major advantage over more opaque traditional systems. Additionally, he noted that despite the significant rise in crypto users over the past few years, the volume of illicit activity has not spiked proportionally. This, according to Andersen-Röed, suggests that compliance efforts and regulatory advancements are proving effective, helping to curb illegal activity as the crypto ecosystem continues to grow.

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#DiversifyYourAssets To combat the growing sophistication of crypto-related crimes, exchanges like Binance have significantly enhanced their compliance infrastructure. Andersen-Röed presented Binance’s compliance controls as a representative model of what major regulated exchanges are doing today. At the foundation of this framework is Know Your Customer (KYC) – a set of protocols ensuring that only verified individuals are allowed to transact. This robust identity verification process plays a crucial role in reducing anonymity-based risks, helping to confirm that users are who they claim to be. Building on that, Binance has implemented advanced screening against global sanctions lists. Our tools cross-reference user information with hundreds of databases around the world, including those tracking sanctioned individuals and politically exposed persons (PEPs). This screening not only helps flag high-risk users before they can engage in illicit activity but also allows Binance to proactively block users from sanctioned regions, ensuring compliance with international regulations and reducing exposure to geopolitical risk. Complementing these checks is Binance’s real-time transaction monitoring system, which uses machine learning to analyze activity on the platform as it happens. Suspicious behaviors, such as abnormal transfer patterns or links to illicit wallets, are flagged immediately, allowing for swift intervention and investigation. Finally, Andersen-Röed underscored the importance of collaboration with law enforcement. Binance routinely files suspicious activity reports (SARs) and works with authorities around the world to ensure illegal behavior is not only detected, but properly reported and addressed. Implemented together, these tools form a multi-layered compliance approach that enables Binance and other exchanges to detect, respond to, and prevent illicit activity at scale, safeguarding the crypto space as it continues to mature.

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