Binance collaborates with Ukrainian police against fraud

 20. August 2020      

Despite the countless benefits it has brought to society as a whole. Since the emergence of the Internet, this tool has been used by criminals for illicit gain. A pattern that, unfortunately, has been repeated in the crypto world. Where there are hundreds of cybercriminals looking to break your security and obtain your crypto currencies. Therefore, it is important that Changpeng Zhao mentions in the Tweet of the Day, that Binance collaborates with the Ukrainian police against fraud.

Cybercrime arrested in the United States

Binance and the fight against fraud
Since the emergence of cryptomonies, the fight against cybercrime has been one of the biggest problems facing the crypto world. Because of the decentralized nature of the Blockchain technology, the crypto market is not regulated by any entity or government. So it would not have the minimum protection that governments provide to their citizens against crime.

In this way, in the world of cryptoactives we can find from sophisticated hackers, to the search of breaking the protection of your wallet and keeping your cryptomoney. To more rudimentary methods for illicit gain, such as pyramid schemes and fake exchange platforms.

For this reason, we crypto users have had to build methods to protect our cryptomonies from cybercriminals. Among which, collaboration with governments around the world seems to be one of the most effective. With a company as big as Binance collaborating with the government of Ukraine to stop fraudsters in the European country.

„By maintaining the #SAFU industry, #Binance helped the Ukrainian police capture criminals involved in a $42 million fraud.“

According to the information provided, the Crypto Cash would use the crypto currencies to legitimize capital. Offering their services to those who could afford them, they face sentences of up to eight years in prison. In a sample of the benefits that can be obtained from the collaboration between police forces and companies like the exchange Binance.