Binance, the world’s largest cryptocurrency trading platform, has launched a training program to identify cybercriminals in response to a huge number of applications – more than 27,000 – to help law enforcement agencies catch cyber criminals.

Since last November, the Binance investigation team has responded to more than 27,000 requests from law enforcement agencies that are investigating cybercrime. Fraudsters are increasingly exploiting weaknesses in decentralized finance (DeFi) platforms to steal cryptocurrencies from investors, according to the FBI. So, according to Chainalysis, cybercriminals stole $1.3 billion in cryptocurrencies in the first 3 months of 2022; of these, 97% were stolen from DeFi platforms.

Binance’s global program aims to train law enforcement to detect cybercrime. This is the first globally coordinated initiative of this magnitude across the industry, focusing on solving crimes and helping to prosecute fraudsters using digital assets.

Binance has also hosted 30 law enforcement workshops this year in the UK, Brazil, Canada, Germany, Israel, and South Korea.

“We are working hand in hand with law enforcement to track down suspicious accounts and fraudulent activity to help combat terrorist financing, ransomware, human trafficking, child pornography and financial crime,” said Tigran Gambaryan, Binance Vice President of Global intelligence and investigations.

Binance’s team of security experts, former law enforcement officials, analysts and operatives have already played their part in helping to take down criminal platforms like Silkroad and Hydra.

The company conducts face-to-face seminars on the concepts of blockchain and crypto assets, participates in discussions of methods for identifying criminals and preventing violations in this area.