NCFTA partners with Binance to prevent cryptocurrency fraud

Global cryptocurrency wallet company, Binance has announced its partnership with the National Cyber-Forensics and Training Alliance (NCFTA) to prevent frauds on its platform.

Binance is the first organization from the blockchain and cryptocurrency industry to formally join the alliance.

The NCFTA was established in 2002 to enable the responsible sharing of information and subject matter expertise with partners from private sector industries, law enforcement, and academia. Its goal is to develop and share threat intelligence as part of the international effort to combat and defeat cybercrime. NCFTA’s initiatives have helped prevent over $2 billion in potential losses and launch thousands of criminal and civil investigations, which have led to over a thousand arrests.

Speaking on the tie-up, Matt LaVigna, President & CEO of the NCFTA said, “Cybercrime is a global threat that continues to see exponential growth, with the potential to impact the very fabric of our society.”

“Binance is an industry leader with a proven track record in aiding international cybersecurity investigations. With their leadership, collaborative approach, and commitment to the war on cybercrime, 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,” added Matt.

Speaking on the partnership, Tigran Gambaryan, Vice President of Global Intelligence and Investigations at Binance said, “The constantly evolving blockchain and cryptocurrency industry relies on strong cooperation between the industry, law enforcement, and government agencies.”

“Joining the NCFTA is an important step in our joint fight against cybercrime, securing the cryptocurrency ecosystem for the entire community. Binance aims to be the leading contributor in the fight against cybercrime, ransomware, and terrorism financing. We will continue our fight against cybercrime and increase our level of cooperation and transparency through our partnership with the NCFTA,” Tigran added.