Basri Caneri 
Cryptocurrency exchange Binance has announced a partnership with global child protection network INHOPE to prevent the spread of online child abuse material (CSAM). Binance aims to further strengthen its fight in this area by becoming INHOPE’s newest Platinum partner.
Collaboration in the Fight Against Cryptocurrencies and Digital Crime
Financial institutions play a critical role in the fight against digital crime. In particular, the increasing use of cryptocurrency transactions for illegal activities makes such collaborations important. Samantha Woolfe, INHOPE’s Director of Global Partnerships, made the following statement about Binance’s participation:
“We are pleased to welcome Binance as a partner providing annual financial support. Decentralized payment methods are increasingly being misused by malicious actors in the CSAM exchange. Therefore, it is vital to collaborate with key financial players. Binance’s commitment to online security will strengthen global efforts to detect, report and remove illegal content.”
Blockchain Analytics and Integrated Work with Law Enforcement
Binance is committed to supporting INHOPE’s global mission by continuing its commitment to security and regulatory compliance in the crypto space. In particular, it will share with INHOPE its ability to detect illegal transactions through blockchain analytics tools and its extensive law enforcement network.
Nils Andersen Röed, Global Head of Binance’s Financial Intelligence Unit, said the following about the partnership:
“We are proud to partner with INHOPE. Our team of former law enforcement officers, security experts, analysts, prosecutors and regulators have dedicated their careers to fighting crime. We have experience in combating human trafficking, child exploitation, terrorist financing, ransomware and financial crime. Our priority is to protect users and increase the security of the global blockchain ecosystem. By joining forces with INHOPE, we will increase our efforts to prevent online crimes and illegal activities on blockchain.”
Contributing to the Security of the Cryptocurrency Industry
Binance’s collaboration with INHOPE highlights the growing role of financial institutions in preventing online crime. Highlighted at the 2024 INHOPE Summit, blockchain analytics tools and innovative partnership models between the financial sector and child protection organizations are crucial to preventing illegal transactions.
This step is an indication that the crypto sector needs to take responsibility in the fight against crime. Binance aims to create a safer environment in the cryptocurrency ecosystem by increasing security measures.
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