Binance Trains Macau Police in Web3-Related Offenses Amid Rising Cases

A total of 40 officers attended the training course, which was led by Carlos Mak, a specialist from Binance's in-house investigation team.

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 13 June 2024 20:50 IST

Binance Trains Macau Police in Web3-Related Offenses Amid Rising Cases

Photo Credit: Binance

Macau is among those locations in Asia, where Web3 and gambling sectors are becoming popular

Highlights

Binance says it wishes to collaborate with multi-national crime agencies
Web3 crimes around crypto, blockchain, and gaming are on the rise
Coinbase also recently launched a Web3 awareness programme

Binance, one of the largest crypto exchanges in the world, recently sent over a team of officials to meet with law enforcement officers in Macau. The aim of this meeting was to train officers in understanding loopholes in Web3 technologies that could help them catch criminals. With the expansion of the crypto sector into the $2.47 trillion (roughly Rs. 2,06,31,292 crore) industry that it presently is, the number and types of crypto crimes have logged growth around the world. Because the sector is considerably young, law enforcement agencies around the world have experienced issues in Web3-related investigations.

The exchange posted official details about this training session on Thursday, May 13. The Macao Judiciary Police had invited Binance to train officers part of the Criminal Investigation Department and gaming-related Economic Crimes Investigation Department, said the statement from Binance.

A total of 40 officers attended the training course, which led by Carlos Mak, a specialist from Binance's in-house investigation team.

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“This approach sharpens our team's skills and acquaints them with techniques to counter virtual asset-related crimes. We appreciate Binance's willingness to voluntarily share their invaluable insights on blockchain and virtual-asset investigations, and we look forward to further cooperation in the future,” the post quoted the Macau Judiciary Police spokesperson as commenting on the development.

Macau is among those locations in Asia, where Web3 and gambling sectors are neither unknown nor unpopular.

Earlier in May this year, authorities in Macau had reportedly clocked 351 gambling-related crimes between January and March this year, marking a 122 percent increase in cases, totalling to 193 cases. Back in 2023, gaming-related crime rate in the region also reportedly spiked by 110 percent compared to 2022.

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In the backdrop of these rising cases, Macau law enforcement officers deemed it necessary to acquire proper training in handling such cases.

As far as Binance is concerned, it claims to have conducted over 120 online and offline training sessions with law enforcement officers last year on a global level.

“Deepening cooperation with the global law enforcement community underlies Binance's unrelenting commitment to protecting users and building a secure online financial environment,” Mak was quoted as commenting on the development.

Last month, Binance's rival crypto exchange Coinbase also launched an educational and awareness initiative named ‘Tech Against Scam' to inform the tech community about ways to safeguard themselves against fraud and online deceit.

Other crypto-related firms like Chainalysis and the Certified Cryptocurrency Investigator are also curating similar training courses to assist law enforcement agents in identifying and probing Web3-related crimes around blockchain, cryptocurrency, metaverse, and NFTs.

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Further reading: Cryptocurrency, Binance, Crypto Crimes, Crypto Investigation

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More