A statement released today shows that Binance has launched a project called “Bulletproof Exchanger” to counteract those initiatives aimed at money laundering through its exchange.
In this way, Binance was able to prevent the laundering of 42 million dollars stolen through ransomware.
Binance is known to be very diligent in making sure that it has a secure platform and that it is not used for illicit purposes, so it has set up a computer security team and started the Bulletproof Exchanger project.
Given Binance’s numbers, the task is not easy because millions of transactions are made and the platform has millions of subscribers. For this reason, a manual control would be impossible and so the exchange has created a series of algorithms that keep track of data and report potentially illegal activities.
Subsequently the team, together with the blockchain analytics startup TRM Labs, investigates and tries to understand whether or not there are any illegal activities. Should this be the case, by having the KYC of the respective users, it is quite easy to track down the culprits.
Bulletproof and the $42 million stolen
It is precisely by following these security standards that the exchange managed some time ago to identify and arrest a group of criminals operating in Ukraine.
At the beginning of 2020, Binance allocated additional resources to combat money laundering and increase the security of its exchange through programs such as Bulletproof, so all suspicious activities were analyzed by the team in collaboration with the Ukrainian postal police, which led to the identification and arrest of some criminals who had first created a ransomware campaign and then tried to liquidate the obtained crypto, amounting to 42 million dollars over two years.
“We strongly believe that continued collaboration such as this will be a driving force in boosting cryptocurrency adoption and improving the image of the greater crypto space,” explained Binance.
