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How Binance Works to Protect the Crypto Ecosystem


In response to Reuters’ Special Report of June 6, 2022, Binance’s Matt Price (Head of Intelligence and Investigations, Americas) and Tigran Gambaryan (Global Head of Intelligence and Investigations) take the opportunity to explain Binance’s security commitments.

There will always be detractors when disruptive technologies threaten the old way of doing business. Those that say crypto is a fad and will die off. Those that say it is worthless. Or even worse, those that say it is for use by criminals. 

We believe the critics are woefully misinformed. The benefits of cryptocurrencies are plain to see, from helping the unbanked to enabling financial freedom. But there is, of course, always room for improvement. This drive for betterment has helped develop the leading services Binance has today. 

A recent news article attempted to paint Binance as a haven for money laundering. What that article neglected to mention is the great effort Binance puts into protecting its users and the larger crypto ecosystem. We aren’t here to make excuses. We are here to address misinformation and tell the other, less sensational story about what we do every day to make crypto safer for all. 

We spent our law enforcement careers leading pioneering investigations into some of the worst actors in the crypto space. Child pornographers. Darknet market administrators. Money launderers. Hackers. We developed the techniques to identify and take down the worst of the worst. We even led the investigations targeting some of the same bad actors that those in the media insinuate Binance is responsible for enabling.

So what led us to Binance?

In short, the opportunity to make an even bigger impact. Binance is the world’s largest crypto exchange. We serve the most customers and the most markets, offer the most products, and put our customers first. Beyond that, Binance is positioned as a leader in the crypto market, allowing it to set the tone for the industry to follow. As investigators, what better place to lead investigations than at the number one player in the field. 

So how do we make an impact? It starts by building the most experienced investigations team in the industry. Our team employs the top cryptocurrency investigators from the blockchain ecosystem and law enforcement. Investigators who know what it takes to identify and disrupt bad actors who seek to exploit crypto. Investigators who work tirelessly to follow every lead. Investigators who can teach our partners how to target those that seek to exploit cryptocurrency for illicit gains.

Binance continues to invest heavily in the tools, talent, and resources needed to build the finest investigations team around. Our team continues to grow, adding the best investigators in the crypto space from across the globe. We employ sophisticated blockchain analysis tools, darknet research software, data analysis, and screening tools that far outpace anything we had in law enforcement. 

Good investigative work goes on behind the scenes

Some seek to quote conflated blockchain transaction data to claim Binance does not do enough to stop criminals from using the platform. What they neglect to acknowledge is that crypto transactions are one way by design. There is no way for any exchange to prevent a deposit once a transaction has been verified on the blockchain; this is a fundamental fact of all crypto transactions. It is what happens after a deposit occurs that really counts, period. 

We work closely with law enforcement and industry partners daily to target serious criminals. We use sophisticated software to monitor inbound deposits. We employ data analysis, blockchain forensics tools, and hands-on investigative work to identify actors who attempt to misuse our platform and remove them swiftly. We also share our investigative work and capabilities with those that have the means to target those who seek to commit crimes using cryptocurrency.

We’ve had an incredible impact on ransomware investigations and terrorism financing cases. We’ve helped fraud victims recover millions and helped law enforcement target and dismantle criminal networks. All of this work is done quietly, and it seldom gets reported. But we're not here for accolades as the results speak for themselves. We’re here to do what we’ve always done - protect the crypto ecosystem and innocent users. That’s what keeps our team working long into the night, tracing transactions, combing through leads, analyzing data, and exchanging information with our partners.

Unfortunately, some in the media wish to pursue a narrative based on outdated information and skewed facts to paint Binance as a haven for criminal activity. A narrative that conveniently ignores the work our team does every day to make crypto safer for everyone.

Negative stories may garner a lot of attention. But, they don’t distract us from what we do every day: protect our users, target bad actors, and work with our partners to make crypto safer for all.