Earlier this week, cryptocurrency platform Binance announced that it would conduct a Web3 workshop for law enforcement officers from the Keelung District Prosecutors Office in Taiwan. The virtual assets workshop is meant to boost trust and strengthen ties with law enforcement tasked with handling cryptocurrency-related offenses.
The move underscores the cryptocurrency platform’s commitment to boosting safety in the nascent Web3 ecosystem and creating a safe and secure environment for users.
Binance takes extra care to abide by antimoney laundering regulations and has even applied to register under the Financial Supervisory Commission (FSC) and Money Laundering Act in Taiwan. First reported on Aug. 11, 2023, the workshop underscores Binance’s plans to expand into the Taiwanese crypto market by aligning itself with Taiwan’s cryptocurrency regulatory framework.
Its dealings with the authorities in Taiwan date back to June 2023, when Binance teamed up with the Criminal Investigation Bureau to equip more than 200 law enforcement officers with the knowledge they would need to address cryptocurrency-related crimes. This partnership is part of a global Binance initiative calls the Global Law Enforcement Training Program that has already carried out more than 50 training sessions globally.
The cryptocurrency market suffered a major blow after crypto exchange FTX collapsed and its founder Sam Bankman Fried was charged with several financial crimes. Crypto prices suffered greatly in the aftermath as trust in digital assets fell to an all-time low and a significant number of cryptocurrencies went under.
The market is currently experiencing a post-pandemic boom that has seen Bitcoin prices reach highs unseen in several years. Binance’s Web3 law enforcement workshop also comes a month or so after authorities in Taiwan took action against a local cryptocurrency exchange called ACE. Authorities took action against the exchange due to claims of a scam that cost investors millions. They arrested ACE founder David Pan as well as a collaboratoR. They also conducted several raids and seized significant amounts of cash and cryptocurrencies.
While government action against crypto fraud is commendable, it showed that Taiwan’s cryptocurrency market still has challenges to overcome before it gains the same legitimacy as fiat currencies.
In March 2024, Taiwan’s government announced plans to introduce a measure that would create a regulatory framework for cryptos later this year. The measure would implement strict controls over international and local cryptocurrency entities to control criminal activity within the blockchain ecosystem and provide financial markets with the security and stability they need to thrive.
Such interactions between industry actors and law enforcement agencies are crucial in spreading awareness about the benefits and risks of Web3 technologies. Through those interactions, law enforcement personnel can be equipped to identify legitimate Web3 use as companies such as NextPlat Corp. (NASDAQ: NXPL) (NASDAQ: NXPLW) exemplify.
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