- Binance`s team visited the Middle East to inform their efforts to combat illegal activities.
- The firm can conduct more than 700,000 transactions per second.
- Binance is one of the few crypto firms to obtain registrations in G7 nations.
The Deputy Head of Financial Crime Compliance, Nils Andersen-Röed, recently visited the Middle East to inform authorities and investors of Binance’s efforts to combat illegal activities in response to a recent report by the company.
He recently went to the Saudi Leap conference and then went to Dubai to show officials and investors that not only are illegal operations in the cryptocurrency field rare but they are also being watched. According to Chainalysis‘ research on cryptocurrency crime, 0.24 percent of all cryptocurrency transactions are currently connected to illegal activity.
Regarding conventional finance estimates, the operations account for between 2% and 5% of global GDP. “This is between $800 billion and $2 trillion when the market capitalization of all cryptocurrencies is currently about $1.2 trillion,” Andersen-Röed said.
Importantly, Binance can conduct more than 700,000 transactions per second, has a $65 billion trading volume daily, lists more than 350 cryptocurrencies, and has 120 million registered users.
Notably, Binance is one of the few cryptocurrency firms to have obtained regulatory permissions and registrations in G7 nations and has done so globally according to related sources. Yet, none of it would have been feasible without a substantial compliance and Know-Your-Customer (KYC) program that safeguards data and assets.
Andersen-Röed assembled an effective team of professionals with experience in either cybercrime or money laundering-related investigations when he joined Binance in 2021 with other former law enforcement coworkers from IRS-CI.
Andersen-Röed pointed out that Binance engages with law enforcement agencies and maps out criminal networks, similar to what these agencies try to do so that Binance can share a complete picture of the situation. These agencies can then legally request user data from Binance.
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