Breaking: Binance Increasing Its Dominance Amid Hong Kong’s Crypto Hub Plan

The world’s largest crypto exchange Binance teams up with Hong Kong police to fight cybercrime as the city plans to become Asia’s crypto hub. The crypto exchange has been at the forefront of investigating and preventing virtual asset-related crimes.

Binance is increasing its dominance in the crypto market in Hong Kong after the city set up a licensing regime for virtual asset service providers, and regulate stablecoins and other virtual assets.

Binance Training Hong Kong Police on Crypto Crime Prevention

According to an official blog on February 3, Binance attended and supported a Virtual Asset Investigation Course (VAIC) conducted by the Cyber Security and Technology Crime Bureau (CSTCB) of the Hong Kong Police Force (HKPF). The course was conducted to reinforce law enforcement efforts against growing cybercrime in the city.

The 5-day training program aims to help Hong Kong’s authorities in strengthening the knowledge and capability of tackling and preventing cryptocurrency-related crime. Topics covered by Binance’s team include case studies on cryptocurrency-related investigation techniques and examples of how Binance can facilitate criminal investigations with law enforcement agencies.

Jarek Jakubcek, Head of Law Enforcement Training at Binance, said:

“User security has always been Binance’s top priority, and we are fully committed to building a secure blockchain ecosystem by bolstering international cybersecurity.”

In 2022, Binance announced its Global Law Enforcement Training Program and conducted over 70 workshops for several law enforcement agencies. Binance asserts it aims to tackle digital financial and cyber crimes, especially in the crypto industry.

Hong Kong’s Crypto Hub Plans

Binance is increasing its dominance in Hong Kong’s blockchain and digital assets industry after the city announces plans to become a crypto hub in the region. Moreover, Binance CEO Changpeng “CZ” Zhao on Thursday praised the Hong Kong Monetary Authority’s approach to regulating stablecoins and preventing trading of algorithmic stablecoins.

Hong Kong’s Financial Secretary Paul Chan urges crypto exchanges and other crypto companies to register and expand their operations in the city.

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