Security of assets has become one of the biggest concerns for crypto investors, especially since the Terra (Luna) debacle of last month. Amid a global crypto market meltdown, investors these days are wary of crypto exchanges and trading platforms as many of them often get hit by frauds and scams.
In an email interaction with financialexpress.com, Tigran Gambaryan, VP, Global Intelligence and Investigations at Binance shares how the world’s largest crypto exchange handles security issues to protect the interest of its users. Edited excerpts:
Have you come across frauds on the Binance platform? How do you handle them?
Binance’s security and investigations team has dealt with many different types of fraud and scams over the years. Binance actively monitors for and has successfully identified different exchangers, nested services, as well as individual accounts associated with criminal and terrorist activity as part of our ongoing Bulletproof Exchanger Project.
We identify suspicious activity through our AML detection system which uses signal intelligence techniques. We also analyze the connections to other exchangers and nested services typically used by criminal and terrorist groups. We also partner with public law enforcement and private sector AML organizations to monitor suspicious activity. From the initial seed of accounts provided by our partners, we conduct investigations that enable us to expand the suspect network by identifying other connections or…
