Binance joins National Cyber-Forensics and Training Alliance to take a bite out of cybercrime

The blockchain and cryptocurrency infrastructure giant is the first in the blockchain and cryptocurrency industry to join the non-profit NCFTA to help thwart cybercrime threats.
Written by Marc Wojno, Senior Editor

In its continuing efforts to bolster safeguards and prevent cybercrimes in the blockchain and cryptocurrency landscape, global blockchain crypto exchange infrastructure provider Binance announced Tuesday that it has teamed up with the non-profit National Cyber-Forensics and Training Alliance (NCFTA) to help identify, validate, mitigate and neutralize cybercrime threats.

According to a company press release, this is an auspicious moment for Binance, the world's leading crypto infrastructure provider, as it marks the first organization from the blockchain and cryptocurrency universe to join the alliance.

Established in 2002, the Pittsburgh, Pa.-based NCFTA is a partnership between academia, government and private industry designed to provide "a neutral, trusted environment that enables two-way collaboration and cooperation to identify, mitigate and disrupt cybercrime," according to the non-profit's website. It offers three programs: Brand and Consumer Protection, Cyber Financial, and Malware and Cyberthreat.

By working with industry players and global law enforcement, NCFTA has prevented financial losses of up to $2.3 billion, produced more than 20,000 intelligence reports and helped make 1,150 law enforcement arrests, according to the NCFTA's website.

"With their leadership, collaborative approach and commitment to the war on cybercrime, [Binance] 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," said Matt LaVigna, president and CEO of the NCFTA, in the press release.

Singapore-based Binance's joining of the NCFTA is the latest move to provide greater security to those who use the crypto exchange trading platform and for the overall security of the blockchain and cryptocurrency industry. In December 2021, for example, it launched an audit program to bolster user safeguards, and in November, it called for global regulatory frameworks for cryptocurrency markets by issuing its 10 Fundamental Rights for Crypto Users. What's more, according to Tuesday's press release, Binance has cooperated with hundreds of criminal investigations, resulting in high-profile arrests, including a cybercriminal group that laundered $500 million in ransomware proceeds.

"Joining the NCFTA is an important step in our joint fight against cybercrime, securing the cryptocurrency ecosystem for the entire community," said Binance Global Intelligence and Investigations VP Tigran Gambaryan. "Binance aims to be the leading contributor in the fight against cybercrime, ransomware, and terrorism financing," Gambaryan added. 

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