CRYPTOCURRENCY-exchange platform Binance (Services Holdings) Ltd. announced it recently appointed a cybercrime expert to lead operations of its intelligence and investigations division in Asia Pacific.
The announcement came nearly two months after the Securities and Exchange Commission’s Enforcement and Investor Protection Department (EIPD) cautioned the public not to invest in Binance, the eponymous crypto exchange platform and blockchain infrastructure operated by the Ireland-headquartered firm.
Last August, nongovernment organization Infrawatch Philippines Inc. said it received a letter from the SEC saying based on the initial assessment of its EIPD, Binance is not a registered corporation and it does not possess the necessary authority or license to solicit investments from the public.
Last September 29, the firm said it appointed Jarek Jakubcek as head of intelligence and investigations for Binance Asia Pacific. A statement quoted Jakubcek as saying that one of his top priorities is the forming of close collaboration among the exchange, the public and the government.
“So far, we’ve delivered training or workshops in several countries across Europe and the Americas,” Jakubcek said. “Due to the exceedingly positive feedback, we have already penciled many law enforcement events into our calendars and we continue to welcome any opportunity to get in touch with the community to discuss topics related to blockchain, cryptocurrency and Binance’s anti-money laundering (AML) and Know Your Customer (KYC) policies.”
No one’s immune
ACCORDING to the firm, Jakubcek is a cybercrime expert and a 12-year Europol veteran who worked in major cryptocurrency-related crimes.
He also played key roles in a number of major cases across a variety of criminal activities, including ransomware, dark web, corporate hacks, phishing incidents, investment fraud, kidnappings and money laundering.
Jakubcek has also de-anonymised mixing services, published practical law enforcement guides, organized conferences and webinars, developed relations with the crypto industry and trained investigators worldwide, the firm said. His last stint was as a cryptocurrency specialist in Europol Cybercrime Centre’s (EC3) Dark Web team, the company added.
He will now lead efforts in coordinating the takedown of malicious actors in the crypto sphere while working closely with law enforcement agencies.
“No asset or a payment method is immune to criminal abuse. Quite naturally, there have been many incidents of criminal abuse of the revolutionary technology with more to come, as the technology gradually gains worldwide adoption. Any technology that is practical is guaranteed to be abused by criminals,” he said.
“Crypto is a fast, transparent, cheap and irreversible way to transfer funds and much more than that. And it just works, hence the great appeal for both legitimate and criminal use,” Jakubcek added.–