Crypto: Binance has strengthened the security measures of its platform

For the past few weeks, Binance has been facing significant challenges. Between a drop in operational performance and a hitch with regulators, the crypto exchange is going through a less than favorable period. In this context, the platform is making efforts from a security point of view. And it seems to be paying off.

Tighter security measures, North Korean hackers routed

In recent months, the activities of the crypto firm Binance have not been easy. Suspected of being the preferred platform for several illicit activities, the company is preparing to defend its case against regulators.

However, the company has clarified the efforts undertaken to ensure that it does not condone illegal operations. On the occasion of Consensus 2023, a crypto event that has been held since Wednesday, Tigran Gambaryan spoke on the subject.

Binance’s Financial Crimes Compliance Officer shared how society gets rid of hackers. Among them, the North Koreans, reputed to be among the most dangerous on the net.

According to Gambaryan, North Korean hackers no longer have a place at Binance. “We kicked their ass enough for them to recognize that Binance was not the place for them”did he declare.

Enhancing compliance and concerns about illicit activities

A success which, according to him, highlights the effectiveness of Binance’s compliance team. This group has 700 members who each week deal with no less than “1,300 law enforcement requests”. This, under the leadership and expertise of Gambaryan, who is a former Special Agent for the Internal Revenue Service (IRS).

Still, the official remains concerned about the illicit activities of hackers from nation states like North Korea. The latter excel in the “pig butchering” scam. It consists of convincing the user to gradually invest in a crypto before looting it.

“Binance has had some success…whether it’s how they circumvent controls or identifying the different entities or types of IDs they try to impersonate,” said Tigran Gambaryan.

Last December, Binance found itself in the crosshairs of American justice for concerns of compliance with the law. The crypto firm defended itself by pointing out “its commitment to safety and compliance”.

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