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Ever Since Binance launched they wanted to be unwavering in their commitment to users which would differentiate them in the market. Their commitment has made it possible for them to be one of the largest platform in the cryptocurrency space.
CZ Binance Expressed: Yesterday’s actions taken by the US Treasury Department against “bulletproof exchangers” like Suex is a POSITIVE development for the industry and the future trajectory of crypto.
Binance partners with law enforcement agencies across the globe on a daily basis to stamp out illicit activities in the crypto ecosystem. I am confident that we have the most sophisticated processes and technology in place to identify and thwart bad actors in the industry.
It’s imperative that we as an industry continue to partner with regulators and law enforcement in pursuit of our mutual goal of creating a more secure ecosystem for users. Today’s announcement is a sign that the industry is here to stay.
Recently, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) declared that they have added a Russia-based entity, Suex OTC, to their Specially Designated Nationals list. Along with the details of the company, about 25 cryptocurrency addresses were listed.
This is a positive development for the industry and millions of innovators, consumers, and investors from across the globe to contribute to the growth of blockchain each day.
Money connected to cyber-attacks is a major threat to the industry. Money gets laundered through nested services and exchanger accounts which will try to hide inside macro VASPs, and also major exchanges.
These criminals feed off the liquidity of reputable exchanges, diverse digital asset offerings and well-developed APIs.
Recognizing this threat, Binance enhanced their approach to investigating potentially illicit activity by making use of AI and by building best-in-class internal investigative team. The team consists of some of the most accomplished investigators in law enforcement. They have more announcements to share shortly.
Based on comprehensive audits of investigative teams, several accounts that were related to the addresses mentioned in the OFAC announcement has been identified early this year and appropriate action has been initiated against them.
Binance de-platformed these accounts based on internal safeguards. Information about the addresses in the announcement and other information related to internal investigation has been shared with the appropriate authorities. Binance is continuing to collaborate with law enforcement to identify threat actors like Suex who are looking to abuse the Binance platforms.
Reportedly, The Treasury’s Office of Foreign Assets Control labeled Suex.io a “specially designated national,” putting the exchange in a category with suspected terrorists.
