As part of its commitment to combat cybercrimes, Binance recently collaborated with the Hong Kong Police Force (HKPF) on its Virtual Asset Investigation Course (VAIC). In a blog post today, Binance disclosed that it supported the program conducted by the Cybersecurity and Technology Crime Bureau of the HKPF.
As revealed the program is targeted at strengthening law enforcement efforts against cybercrimes in Hong Kong. In their contribution, the Law Enforcement Training and investigation teams of Binance provided sessions to orientate the attendees on cryptocurrency investigation.
Additionally, the Binance team via the sessions illuminated various cryptocurrency investigation techniques. In their illustration, the team cited how the crypto exchange in different instances worked with law enforcement agencies to facilitate different investigations.
Also, representatives from Independent Commission Against Corruption (ICAC) and the Customs and Excise Department (C&E) graced the event. More so, the 5-day training program commenced on January 30, 2022, and it’s billed to end today.
Worth noting that last year, Binance unveiled its Global Law Enforcement Training Program. Via the program, the world’s largest crypto exchange by trading volume has conducted 70 law enforcement workshops. The initiative came into existence as Binance focuses on tackling digital financial and cyber crimes.
The Reaction of Binance’s Head of Law Enforcement to the program
Meanwhile, in the blog post, the Head of Law Enforcement of Binance, Jarek Jakubcek reflected on the development. Jakubcek discussed how the crypto exchange has always prioritized users’ safety. The Head of Law Enforcement opined that Binance is fully committed to building a secure blockchain ecosystem by enhancing international cybersecurity.
Additionally, Jarek Jakubcek regarded the cryptocurrency exchange’s collaboration with law enforcement agencies as critical. The executive said the leadership of Binance is excited to work with the Hong Kong Police Force. Likewise, Jakubcek emphasized that the crypto exchange will continue to push forward in its effort toward removing bad actors from the industry.
State of the crypto industry in Hong Kong
Lately, Hong Kong has been projecting itself to become a crypto hub. The recent move comes as a reversal of its previous hard approach to the industry. In 2021, the city proposed limiting crypto trade to professional investors, consequently forcing the exodus of investors to other friendly regions.
According to a Bloomberg report late last year, Hong Kong is contemplating to allow retail investors enjoy some crypto services. A few days ago, Binbits reported that Hong Kong is seeking to regulate the use of stablecoin. According to the report, Hong Kong Monetary Authority said it’s seeking to regulate stablecoins before the end of 2024. The development comes as part of its gradual embracement of the industry.
With the recent collaborative effort with Binance, Hong Kong is truly posited to become an ideal destination for crypto start-ups.