Binance, CICC Conduct Blockchain Forensics Seminar for PH Agencies to Fight Crypto Crime
Additional reporting from Michael Lance Domagas.
Editor’s note: The original version of the article said a BSP representative was in attendance in the event. This was a miscommunication and we regret this error.
Global cryptocurrency exchange Binance, in partnership with the Cybercrime Investigation and Coordination Center (CICC), which is under the Department of Information and Communications Technology (DICT), conducted a “Cryptocurrency and Cybersecurity Training” seminar in Quezon City, with law enforcement agencies.
The training is meant to provide members of the Philippines’ cybercrime law enforcement an overview of cryptocurrency activities, common financial cybercrimes, investigative techniques, prosecution, and the development of digital forensics reports.
The seminar gave law enforcement agencies an overview of how cryptocurrency exchanges interact with each other, how to trace crypto transactions, and common cybercrime activities, among others.
Binance said it is also on track to securing a Virtual Asset Service Provider (VASP) license in the Philippines.
Present in the seminar are CICC are Deputy Director Mary Rose Magsaysay, and PCol. Armel Gongona, Deputy Director of Administration of the Philippine National Police (PNP) Anti-Cybercrime Group.
In attendance from Binance is Jarek Jakubcek, the company’s Head of Intelligence and Investigations for Asia Pacific. Jakubcek is previously with the Irish National Police and Europe’s Cybercrime Center. His main task at Binance is to track malicious crypto activities in partnership with law enforcement agencies.
According to the media release, Jakubcek has had previous experience in de-anonymizing mixing services, publishing practical law enforcement guides, and has trained investigators worldwide about crypto transactions.
Joining Jakubcek is Kenneth Stern, the General Manager and CEO of Binance Philippines.
“Binance has been actively working with the Philippine government to ensure Filipinos are ready for cryptocurrency adoption through the mitigation of risks in the sector,” Stern said.
Stern previously participated in the Philippine Senate Hearing on Bank, Financial Institutions, and Currencies.
In the senate hearing, Stern recommended the following to the regulators present:
“From our experience working with regulators in other countries, it is important to focus on a few key elements – AML, KYC, consumer protection, creating checks and processes, and working with global experts in creating education to the public to involve them in risks of crypto assets.”
He also mentioned looking to work with law enforcement agencies:
“We are not a law enforcement agency but we look forward to increased partnerships with key agencies that can formally handle these matters,” Stern added.
Most recently, the Bangko Sentral ng Pilipinas has approved a “regulatory sandbox” so that financial firms can test and offer their own tech-based products and services.
This article is published on BitPinas: Binance, CICC Conduct Blockchain Forensics Seminar for PH Agencies to Fight Crypto Crime
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