[Taklimakan Blog] Ukrainian Cyber Police Catch Intruders with Binance

Law enforcers in Ukraine exposed a network of cryptocurrency exchangers, whose turnover in total exceeds tens of millions of dollars

The cyber police of Ukraine announced a collaboration with the cryptocurrency exchange Binance, within which the law enforcement agency will monitor the operations of cryptocurrency attackers. The department announced this on its official website. According to the department, cooperation with Binance began in early 2020.

“The company’s specialists use industry-leading algorithms to analyze and identify transactions potentially related to financial crime and fraud,” the agency said on its official website.

The reverse side of KYC

The cyberpolice explained the need to cooperate with exchanges with an increase in the number of financial transactions associated with hacker attacks on international companies, the distribution of malicious software, theft of funds from the bank accounts of foreign companies and citizens.

The head of the Cyber Police Department, Alexander Grinchak, said that Binance’s methodological assistance contributes to “the prompt exposure of persons involved in violations.”