The Hong Kong government recognized Binance, a prominent cryptocurrency exchange, with the Cyber Security Professional Merit Award, highlighting its efforts to safeguard users in the dynamic Web3 landscape.

The crypto exchange received the award under the banking and finance category. Thus, it became the only Web3 firm to receive such an award from Hong Kong authorities in 2024.

Binance collaborating with Hong Kong Police Force on Crypto Crime Prevention

#Binance is honoured to have received the Cyber Security Professional Award from the Hong Kong Authorities.

This award is a testament to our unwavering dedication and efforts to ensure the security of our users in the evolving Web3 space.

Read more ⤵️https://t.co/HZHOrnax5W

— Binance (@binance) March 6, 2024

As the exchange announced on March 6, Binance was honored with the Merit Award for its collaboration with the Hong Kong Police Force (HKPF) in combating virtual asset crimes. As the sole Web3 recipient, Binance’s recognition highlights its dedication to cybersecurity within the finance and banking sectors.

The Cyber Security Professional Awards were presented jointly by HKPF, GovCERT.HK, and HKCERT to celebrate excellence in cybersecurity across various domains. Since its inception in 2016, these awards have recognized Hong Kong cybersecurity professionals for their exceptional contributions.

Binance has been at the forefront of investigating and preventing virtual asset-related crimes, as it has been helping law enforcement in the country. In February, Binance collaborated with the Hong Kong Police Force (HKPF) to combat cybercrime in the city. Binance participated in and supported a Virtual Asset Investigation Course (VAIC) organized by the Cyber Security and Technology Crime Bureau (CSTCB) of the HKPF. The objective of the 5-day training program was to enhance law enforcement efforts in addressing the growing challenges of cybercrime, particularly those involving cryptocurrencies, in Hong Kong.

The selection committee commended Binance for its partnership with the local police force and its proactive approach to addressing virtual asset crimes. Binance’s collaboration and knowledge-sharing initiatives have played a vital role in empowering law enforcement to tackle emerging cyber threats effectively.

A spokesperson from the Hong Kong Police Force emphasized the importance of collective action by businesses in combating digital crime patterns. Recognizing Binance’s pivotal role in cybersecurity, the spokesperson underscored the significance of collaboration in safeguarding cyberspace and user interests.

Expressing gratitude for the Cyber Security Professional Award, Binance Investigations Manager Carlos Mak highlighted the company’s commitment to enhancing security in Web3 networks and combating cryptocurrency fraud.

Binance’s Commitment to Combating Crypto Crime and Enhancing User Safety

In February, Binance hosted a half-day virtual session inviting over 30 officers from INTERPOL, focused on essential topics related to cryptocurrency investigations and cyber policing in the rapidly evolving Web3 space. Binance provided insights into practical strategies and techniques for combating cyber threats.

Also, in 2023, the exchange’s specialized teams organized and delivered over 120 seminars, workshops, and training sessions. Binance asserts that it aims to empower investigators with a comprehensive understanding of the crypto space and equip them with the practical skills necessary to address crypto-related threats.

Binance places a strong emphasis on user safety and has developed one of the most robust financial crime compliance departments in the cryptocurrency industry. Through collaborations with law enforcement agencies worldwide, Binance has been instrumental in combating virtual asset crimes and resolving significant international cases.

In a demonstration of its commitment to user safety, Binance has established one of the most robust financial crime compliance departments within the industry. This platform has played an important role in collaborating with law enforcement agencies globally to tackle virtual asset crimes, leading to the resolution of numerous significant international cases.

The collaborative approach undertaken by Binance has yielded positive outcomes for the virtual asset space, significantly enhancing its safety quotient. According to the findings of the 2024 Crypto Crime Report by Chainalysis, there has been a notable decrease in the value of virtual assets directed towards illicit addresses. This decline serves as a tangible indicator of the reduction in cryptocurrency fraud instances.

Additionally, the report highlights a diminishing trend in illegal cryptocurrency transactions attributable to the continuous efforts directed toward fraud prevention and bolstered security measures.