In a remarkable demonstration of public-private sector cooperation, Binance, the world’s largest cryptocurrency exchange, recently received recognition from the Hong Kong Police Force for its crucial assistance in a fraud and money laundering case involving virtual assets. The acknowledgement underscores the significance of such collaborations in combating financial crime.
Earlier this year, the Hong Kong Police Force carried out a successful enforcement operation, dismantling a local criminal group engaged in illicit activities involving virtual assets. The operation led to the arrest of several individuals, including the group’s leader and key members. The group was associated with numerous fraud cases, involving funds amounting to millions of Hong Kong dollars.
To acknowledge Binance’s critical support in the case, the Hong Kong Police presented the cryptocurrency exchange with an award and a letter of appreciation. The letter highlighted Binance’s vital role in the success of the operation and in upholding the rule of law. Binance’s efforts in fostering a secure and transparent digital ecosystem were also acknowledged. The police expressed their hope for continued collaboration with Binance in the future.
Nils Andersen-Röed, Binance’s Global Head of Financial Intelligence Unit (FIU), represented the company in receiving the recognition. He commented, “We feel deeply honored by this recognition from the Hong Kong Police Force. This operation is another testament to Binance’s commitment to working closely with law enforcement agencies worldwide. Collaboration between the public-private sector is not only fundamental to maintaining industry security but also crucial for building trust.”
Furthering their commitment to safety, Andersen-Röed, along with Carlos Mak from Binance’s investigation team, held discussions with representatives of the Cyber Security and Technology Crime Bureau (CSTCB) at the Hong Kong Police Headquarters. The meetings revolved around deepening bilateral efforts to combat financial and cyber crime and sharing Binance’s experiences in collaborating with global law enforcement agencies.
Superintendent Ms. Hui Yee-wai of the CSTCB noted, “We appreciate Binance’s long-standing support for Hong Kong law enforcement. In face of the new challenges of the digital era, the Hong Kong Police Force will continue to enhance its capacity through public-private partnerships and spare no effort to combat crime and protect the public.”
Binance’s role in this case signifies the growing need for and benefits of collaboration between law enforcement and private sector entities. Andersen-Röed emphasized Binance’s commitment to these partnerships, stating, “We will continue to uphold the spirit of cooperation and proactively work alongside authorities to bring offenders to justice, contributing to the safety of the global financial ecosystem.”
