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Binance partners Argentine law enforcement agencies


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World’s largest cryptocurrency exchange, Binance has collaborated with security agencies in Argentina to combat the use of crypto for illicit activities. The exchange made the disclosure on Monday through its official page on X (formerly Twitter). 

In the announcement, the exchange stated that the collaboration is part of its commitment to helping authorities locate bad actors in the crypto landscape. As part of the partnership, Binance will work with Argentine security forces to combat cybercriminal syndicates.

According to a local report, the group used USDT to move their loot through Binance to crypto wallets outside the American country. More so, the report described how the cybercriminal group attacked the computers of a school, laboratories, and companies including the Buenos Aires Police Circle. 

Consequently, they used a Trojan virus built in Brazil to gain access to the accounts before they emptied them. The hackers stole $26 from the account of their victims. Thereafter, the syndicate converted their loot to USDT using Binance before sending it to an offshore wallet. 

Also, reports stated that the group operated from different locations outside Argentina. Some of these locations are Venezuela, Ecuador, Colombia, and the United States. With the support of Binance and Lemon, another local cryptocurrency exchange in Argentina, security operatives have made 20 arrests in the country relating to the case.

More so, they’ve also ordered the arrest of 10 individuals living outside the country. So far, local security agencies in Argentina have retrieved $170,000 from the loot and are working to recover more stolen funds. Binance and Lemon played a crucial role in the retrieval. The cryptocurrency exchanges provided information about the suspects from their database to trail down the hackers. 

How Binance has Championed a “Safer Crypto” Mantra

Meanwhile, the cryptocurrency exchange is one of the top firms in the industry that is pushing for a safer virtual asset landscape. The exchange on numerous occasions has partnered with law enforcement agencies to combat the use of cryptocurrency for illegal activities. 

Recall that in February, Binbits reported how Binance intended to reimburse victims of the XIRTAM rug pull after intercepting the loot as the bad actors attempted to move the funds through the cryptocurrency exchange. Similarly, in October 2023, Binance partnered with the Royal Thai Police to combat the criminal use of virtual assets.

In a Binbits report, the investigation team of the exchange worked with the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police to arrest a criminal group. According to the report, the collaboration led to the seizure of $227 million worth of virtual assets.

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David Idowu
David Idowu
David Idowu is a crypto reporter and trader with wealthy years of experience. He believes that blockchain technology has numerous opportunities that are begging for proper utilization. Away from work, David is either reading about World Politics, History or Tech Innovations.

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