Binance exchange teams up with TRM Labs to strengthen the global encryption crime defense line.

Xuanrong Ho, representative of Binance Asia Pacific, shared the results of the campaign against cryptocurrency crime with Angela Ang, Head of Policy and Strategic Partnerships, Asia Pacific at TRM Labs. (Synopsis: CZ calls on platforms to establish "crypto inheritance" function: regulation should allow minor children to have accounts, Binance launched service in June) (Background supplement: Binance joins hands with Taiwan and US law enforcement agencies to help crack the large-scale drug dark web "stealth market") With the increasing popularity of cryptocurrencies, related financial crimes and fraud methods continue to evolve, posing serious challenges to global law enforcement agencies and the financial order. Just today (20th), Angela Ang, Head of Policy and Strategic Cooperation, Asia Pacific, TRM Labs, a blockchain intelligence company, and (Damien Ho) He, representative of Binance's Asia Pacific team, shared how to effectively detect, track and combat illegal activities related to virtual assets through advanced technology and the public and private sectors. TRM Labs: "Google Maps" on the blockchain makes the flow of money invisible Angela Ang likens what TRM does to "Google Maps on the blockchain." She explained that although the data of the public blockchain is public, the original data is mostly a complex combination of letters and numbers (hash value), and users can only see the wallet address and transaction records, but cannot know the actual owner of the wallet and the purpose of their transactions. "The core value of TRM Labs is to identify entities and individuals and make blockchain data meaningful." Angela Ang points out. Through the TRM analysis platform, previously obscure wallet addresses can be marked, such as those belonging to the North Korean hacking group Lazarus Group, allowing law enforcement agencies to clearly track the flow of criminal funds, while also allowing cryptocurrency companies to conduct due diligence on customers or counterparties to identify whether there is high-risk activity in their platform fund transactions. Angela Ang further introduced the T3 Initiative between TRM Labs, Tether (USDT publisher) and Tron (TRON blockchain). This public-private partnership aims to specifically combat illegal financial activities using USDT on the TRON blockchain. The three goals include effectively combating illegal activities, making clear that the cryptocurrency industry does not welcome illegal financial activities, and creating a safer and more trusted ecosystem. In this cooperation, Tron provides technical support to ensure that suspicious transactions can be traced and handled in a timely manner; Tether is responsible for freezing suspicious funds; TRM Labs provides intelligence and investigative analysis to help identify high-risk addresses and behavior patterns. Since the beginning of 2024, the T3 Initiative has successfully assisted in freezing more than $200 million in illegal USDT funds, and Angela Ang cited several success stories, including working with the Spanish Police Force to freeze about $60 million in crypto assets linked to cross-border money laundering; and the recent US Department of Justice in response to a "pig-killing plate" scam, with the assistance of T3 to freeze more than $200 million USDT, becoming one of the largest cryptocurrency fraudulent asset seizures in US history. Binance: Gatekeeper Role of Centralized Exchanges and Collaborative Law Enforcement Practice Damien, representative of Binance Asia Pacific Regional Team, shared how Binance plays an active role in fighting virtual asset crime from the perspective of centralized exchanges (CEX). He Xuanrong stressed that centralized exchanges require users to undergo real-name authentication (KYC), which is like applying for a registered mobile phone number, which can assist law enforcement agencies in tracking down misconduct. "KYC is the first line of defense," said Ho, "and Binance invests more than $200 million a year in compliance personnel and systems around the world." Through KYC verification (ID photos, face recognition, etc.), Binance ensures the authenticity of user identities. In addition, Binance will also use on-chain analytics tools to monitor transactions, and if user transactions involve wallet addresses flagged as high-risk or potential crimes, the system will warn, block or request further clarification. In 2024 alone, Binance has helped more than 2 million users around the world block more than $4 billion in potential fraud losses and return about $100 million in stolen funds to third-party platforms. He Xuanrong said that Binance currently handles more than 60,000 law enforcement requests around the world every year, of which the number of requests from Taiwan is also considerable, and shared a number of successful cases of Binance cooperating with law enforcement agencies: Lin Ruixiang Dark Web Drug Case: One of the keys to the failure of Taiwanese man Lin Ruixiang who founded the dark web to trade drugs was that he used Bitcoin to pay for the platform server. Through blockchain analysis, U.S. law enforcement agencies traced that the source of their bitcoin may involve centralized exchanges, and then verified it from the exchange and locked its identity. Thailand's "pig-killing plate" scam: Assisting the Thai police in combating love investment fraud. DeFi platform hack: A decentralized platform was hacked for $7.5 million, and some of the stolen money flowed into Binance, which quickly froze and helped recover about eighty percent of the funds. KidFlix case: Assisted European police in cracking the European version of creative private houses (children's inappropriate content websites). In the past two years, Binance has also conducted more than 2,000 education and training on blockchain knowledge, criminal patterns and tracing skills for the Supreme People's Procuratorate, the District Prosecutor's Office, the Criminal Police Bureau, the Investigation Bureau and other units in Taiwan, improving the ability of law enforcement agencies to handle cryptocurrency cases. The sharing outlined the support of blockchain analysis technology and large exchanges in dealing with cryptocurrency crimes, and through the close cooperation between the public and private sectors, they hope to more effectively curb illegal activities and jointly shape a safer and more trustworthy crypto asset ecosystem. 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