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Binance partners with STOP THE TRAFFIK to improve illicit crypto detection
The exchange will receive specialized intelligence and training from the UK group’s Centre for Intelligence-Led Prevention to support investigations tied to human trafficking and child exploitation.
Binance has partnered with the nonprofit STOP THE TRAFFIK to expand its efforts to detect cryptocurrency activity connected to human trafficking and child exploitation, the crypto exchange said Thursday.
According to Cointelegraph, Binance will receive specialized intelligence, training, and insights from STOP THE TRAFFIK’s Centre for Intelligence-Led Prevention, aiming to identify emerging criminal typologies and strengthen investigations into related illicit activity.
The collaboration also includes intelligence sharing and staff training designed to improve the exchange’s compliance and financial crime detection capabilities as Binance works to further bolster its compliance operations.
Cointelegraph notes that the partnership comes amid ongoing scrutiny of Binance’s sanctions controls, including a Wall Street Journal report in May alleging Iran-linked entities moved hundreds of millions of dollars through the platform despite a post-settlement compliance overhaul, which Binance denied.