Binance has partnered with the Macau Criminal Investigation Department to combat the growing threat of online fraud, particularly targeting cryptocurrency users.
Further details on this collaboration
Binance and the Macau Criminal Investigation Department have announced a joint initiative to raise awareness of online fraud and protect users from scams.
As part of the collaboration, Binance will integrate fraud alerts into its system, with a focus on users in Macau. The criminal police will customize and trigger these alerts when users attempt to withdraw funds.
In addition to the warnings, Binance will offer practical advice and contact details for local law enforcement. The platform urges users to take a moment to assess transaction risks before proceeding, Binance outlined.
A representative of the Macau Criminal Investigation Department explained that their goal is to combat financial crime and that partners like Binance help the public identify and address potential risks in their daily lives.
Binance has a history of working with law enforcement agencies around the world. For example, Binance trained police officers in Macau on cryptocurrency investigations and implemented a successful program in Hong Kong. The company stated that this collaboration further strengthens Binance’s ongoing commitment to preventing financial crimes worldwide through education and cooperation with law enforcement agencies.
Officials from the Financial Crimes Compliance (FCC) Unit at Binance have stated that their main goal is to protect users. They are optimistic that the collaboration with the Macau Judiciary Police, based on their previous experience with similar campaigns in other regions, will help raise user awareness, prevent crime, and protect users’ assets.
In May 2024, Binance’s FCC team worked with Taiwanese authorities to uncover a $6.2 million virtual asset laundering scheme. The company has now resumed operations in India following a $2.25 million settlement with India’s Financial Intelligence Unit.
