- Binance was acknowledged by the Hong Kong Police Force for aiding in a kidnapping investigation through crucial intelligence analysis.
- Carlos Mak from Binance’s investigation team was specifically praised for his role in the case.
- Binance remains committed to public-private collaboration, enhancing security, and training law enforcement on cybercrime.
Richard Teng, Binance CEO, has just announced on X that the Hong Kong Police Force has recognized the exchange, following its crucial role in a new case investigating the kidnapping.
The Organized Crime and Triad Bureau of the Hong Kong Police Force sent a letter of appreciation to Binance, acknowledging that the company made a significant contribution to their efforts via their intelligence analysis, which was crucial in identifying the suspects related to a criminal syndicate.
Binance’s Commitment to Public-Private Collaboration
The letter specifically commended and thanked the effective role of Carlos Mak from the Binance investigation team in the case. The Hong Kong Police Force commended Binance for its proactive approach to crimes associated with new technologies. They further underlined that crimes could be coped with only by joint efforts, and public-private cooperation in this regard was much valued, for which Binance had remained committed.
Carlos Mak expressed his honor at being recognized and reiterated the exchange’s belief in the value of collaboration between the private sector and law enforcement. He reaffirmed Binance’s commitment to safeguarding the digital financial environment and enhancing trust within the industry.
The exchange is dedicated to improving the security of the blockchain ecosystem and protecting its users. As part of its efforts, the company also conducts training sessions for law enforcement to equip officers with the skills necessary to tackle cybercrimes. The exchange was previously invited by the OCTB to provide training at the Hong Kong Police Headquarters.
Meanwhile, Hong Kong’s Securities and Futures Commission (SFC) has identified “unsatisfactory practices” among some cryptocurrency exchanges seeking full licensing.
Bloomberg reported that the SFC’s inspections revealed issues such as excessive reliance on a few executives for client asset custody and inadequate measures against cybercrime. This scrutiny adds to the challenges faced by Hong Kong in its ambition to establish a thriving digital asset hub.
Hong Kong’s 2022 approach to regulation makes an effort to revive Hong Kong’s status as a leading global financial center. Nevertheless, the process has lately faced obstacles, including the JPEX scandal concerning substantial losses to investors, and thus, the focus on investor protection has been highlighted.
The SFC expects to grant full licenses to compliant platforms by late 2024, and currently, only OSL and HashKey have full licenses. A number of companies, including Huobi HK and OKX, withdrew their applications through the process.
Related | Bitcoin Surges Past $62K: Powell’s Speech Ignites Bull Run – QCP Report
