With the popularization of cryptocurrencies all around the world – crypto exchanges like Binance need to have their security measures on point in order to anticipate and protect the platform from hacking and exploits.
For that reason, Binance recently announced the hiring of BJ Kang – a former FBI agent as the new head of investigations for the United States branch of the top CeX.
Binance Hires Former FBI Agent To Do The Following…
Mr. Kang will cooperate with law enforcement, regulators, and other cryptocurrency firms, including Binance, in his new capacity.
Binance.US will have its own “investigations infrastructure” to identify and mitigate crypto-related criminal activity on the site, according to the business.
The hiring of Mr. Kang happened due to the former agent’s experience in investigating high-profile insider trading cases on Wall Street.
Aside from granting the exchange more credibility due to its investments in security, this hiring will likely be seen as a good move by the Securities and Exchange Commission and other U.S. government branches.
Mr. Kang led investigations into insider trading charges against Galleon Fund then-chief Raj Rajaratnam and Steve Cohen’s SAC Capital Advisors during his 20 years in the FBI.
“BJ will lead and oversee all aspects of Binance.US’ commitment to protecting users through developing investigations infrastructure,” A Binance spokesperson told CoinDesk. “[In order to] prevent criminal activity related to digital assets along with partnering closely with law enforcement, regulators, and industry peers,”
Recently, Binance.US has incremented its investment in its legal, compliance, and risk operations departments by 145%. According to Brian Shroder – chief executive of Binance.US – the exchange’s budget for these departments has increased threefold over the past year.
Binance Was The Target of Attacks in 2022
Recently, Binance was the target of a millionaire attack on the world’s largest cryptocurrency exchange.
On October 7th, Binance suffered an attack of over half a billion Dollars on the BNB chain.
The exchange had to stay on hold for several hours, but fortunately, they were successful in recovering the money.
Scammers used the weakness to attempt a robbery of almost $570 million in digital assets like Ethereum, Polygon, BNB Chain, Avalanche, Fantom, Arbitrum, and Optimism.
Since this attack, the exchange is looking into further its investment in security for the safety of the company and its millions of users.
Recently, Binance added a new compliance mechanism to its platform. Names “Binance Custody” the integration, provided by TRM Labs, enables Binance to use risk management, compliance, and “intelligence” technologies in order to monitor funds and transactions from its customers.
