- Binance conducts seminar on cryptocurrency and cybersecurity.
- The law enforcement agency educated listeners on cybercrime combating operations.
- Stern says that Binance has been actively working with the Philippine government to provide a safe crypto-environment for Filipinos.
Given the recurring cases of theft in the crypto industry, Binance, the largest crypto exchange, conducted a training seminar on cryptocurrency and cybersecurity with law enforcement agencies from the Philippines.
The Binance CEO, Changpeng Zhao, tweeted about the session on September 14, noting that it was in partnership with the Cybercrime Investigation and Coordination Center (CICC), representatives from Bangko Sentral ng Pilipinas (BSP), and the National Bureau of Investigation (NBI).
#Binance conducted a Cryptocurrency and Cybersecurity Training in Quezon, with law enforcement agencies, representatives from Bangko Sentral ng Pilipinas (BSP) and National Bureau of Investigation (NBI) in attendence. https://t.co/UumLKnDVhz
— CZ 🔶 Binance (@cz_binance) September 14, 2022
The training provided members of the Philippines’ cybercrime law enforcement an overview of cryptocurrency activities, common financial cybercrimes, investigative techniques, prosecution, and the development of digital forensics reports. They also learned how crypto exchanges communicate with one another, how to track crypto transactions, and typical cybercrime operations.
Mary Rose Magsaysay, the CICC’s deputy director, and PCol. Armel Gongona, the PNP’s anti-cybercrime group’s deputy director of administration, are both in attendance at the seminar alongside Jarek Jakubcek, Binance’s Head of Intelligence and Investigations for the Asia Pacific.
Kenneth Stern, the General Manager and CEO of Binance Philippines, said, “Binance has been actively working with the Philippine government to ensure Filipinos are ready for cryptocurrency adoption through the mitigation of risks in the sector.”
At a Senate hearing last month, Stern recommended that:
It is important to focus on a few key elements – AML, KYC, consumer protection, creating checks and processes, and working with global experts in creating education to the public to involve them in risks of crypto assets.
Further reports suggested that Binance looked forward to securing a Virtual Asset Service Provider (VASP) license from the Philippines authority.