Binance Gives Cybersecurity Seminar to Mexican Law Enforcement

Binance’s Law Enforcement Seminar. Source: Binance

A strategy like this makes a great deal of sense for Binance. BeInCrypto recently held an exclusive interview with Global Chief Marketing Officer Rachel Conlan, and she described Latin America as a major area of interest for Binance’s expansion. Last year, the firm opened a crypto transfer service in nine Latin American countries, including Mexico.

Binance’s Support for Law Enforcement

Binance has a history of working with law enforcement agencies.

“Working alongside law enforcement is a permanent commitment for Binance, and training is a crucial part of our collaboration. We want to continue working with local authorities to strengthen efforts in preventing, investigating, and combating financial crimes,” said Frida Vargas, Binance’s General Manager in Mexico.

Binance reports that its recovery rate for stolen funds has risen 33% since 2023. Moreover, the press release claims that it has responded to over 63,000 requests from law enforcement worldwide in 2024 and participated in 120 similar training seminars last year.

According to Jarek Jakubcek, Binance’s Head of Training for Authorities and Government Agencies, these cooperative efforts are mutually beneficial. Binance is interested in preventing crimes and recovering stolen property in many jurisdictions worldwide. The knowledge exchanged in these seminars can also help Binance.

“Collaboration between the public and private sectors is essential to prevent and combat criminal activities. Binance offers a range of tools to support this work in Mexico and globally. Mexican authorities have shown a strong interest in gaining deeper knowledge of blockchain technology and cryptocurrencies,” claimed Jakubcek.

However, Binance has had a controversial history regarding compliance with the anti-money laundering compliances.

Two years ago, the US Drug Enforcement Administration (DEA) alleged that criminal organizations were using the exchange to facilitate money laundering operations.

Moreover, in 2023, Changpeng Zhao, former CEO of Binance, pleaded guilty to anti-money laundering violation charges. As a result, Zhao had to pay a penalty of $50 million and serve a four-month prison term.