Binance Collaborates With UK Cyber Crime Police to Ensure Customers’ Funds are SAFU

Binance Compliance unit has been cooperating with UK Police in an investigation regarding the creation and sale of phishing scripts. A Bulgarian citizen has been extradited to the UK as part of an investigation that found him guilty for illegally pinching personal data of around 500,00 users across 53 different platforms according to Binance official announcement made on September 26, 2019.

Binance Cooperation with London Police

Samuel Lim, Chief Compliance Officer of one the worlds leading cryptocurrency exchange Binance, has made an official announcement to share the company’s commitment to one of the greatest challenges in the crypto world: security.

According to its note, Binance has been collaborating with the Cyber Crime Unit of the UK’s Metropolitan Police Service in a massive investigation into a Bulgarian suspect responsible for allegedly creating and selling phishing scripts that target customers of different services.

The cyber-criminal has been extradited from Bulgaria to London in order to take part in the trial which found him guilty to five counts of fraud and resulted in a nine years jail sentence.

According to the investigation, the phishing attack was used to imitate other legitimate services from several trustworthy companies in order to obtain the customers’ personal data that afterward would have been sold on the dark web. Customers were mainly targeted via an email phishing attack and persuade to forward sensible data. The investigation has confirmed that these cyber-attacks have affected around 500’000 customers and resulted in frauds worth a whopping £41.6 million British Pounds.

Mr. Lim acknowledged the importance of partnering with law enforcement to build a much safer digital landscape for cryptocurrency users and investors. He also added that better information must be made towards users. Customers must be more aware of the potential security risks and should be aware of the best practices to avoid risky behaviors. Eventually, Mr. Lim invited Binance users to report any suspicious activity.

Setting the Standards

Leading cryptocurrency exchange Binance keeps setting new standards for the whole industry.

Alongside Binance massive endeavors to keep its customers’ funds SAFU, Binance is also launching numerous new services.

The newly renovated exchange platform recently opened registration and deposits in the US taking a huge shot at Coinbase monopoly over the US market.

Meanwhile, a second phase of the Lending Program has been rolled out including bitcoin (BTC), tether (USDT), Cardano (ADA), ether (ETH) and ethereum classic (ETC) and privacy coins such as Monero (XMR), ZCash (ZEC) and Dash (DASH).

Binance lending program has gone live on August 26, 2019, slightly afterward the exchange released the new margin trading services.

The initiatives have been followed by the announcement and successful launch of the 20x crypto futures trading platform on September 13, 2019.

The exponential development of Binance trading services has been flanked by other initiates that want to feed the growth of the whole sector. Binance X is a project that wants to foster a sense of community amongst open-source developers. The vision behind this project is to make open-source development a more fruitful process for all parties involved. A lot of open source projects in the decentralized economy could’ve have been sold by their developers for millions of dollars to companies’ tech behemoths.

Binance has also developed its own charity foundation. Binance Charity actively helps to raise cryptocurrency in support of humanitarian projects such as hurricane Dorian relief funds and provide lunch to African families with famine issues.

Binance endeavors are bringing major positive impact in the whole crypto industry and are setting new higher standards for all the players in the market.