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Editing and Additional Reporting by Nathaniel Cajuday
- Binance, in a statement, revealed that it is still collaborating with the country’s Cybercrime Investigation and Coordinating Center (CICC) to operate the newly opened National Cybercrime Hub under the Department of Information and Communications Technology
- The National Cybercrime Hub aims to combat cybercrimes such as online harassment, exploitation, and terrorism in the Philippines and will utilize Binance’s expertise in blockchain forensics and cybercrime prosecution.
- The operation of the hub, which is expected to be a one-stop platform for cybercrime management in the Philippines, will be led by Binance’s Head of Intelligence and Investigations for APAC, Jarek Jakubcek.
Despite the fact that public policy thinktank Infrawatch PH has submitted demand letters to different government agencies five times, questioning the operations of Binance in the country, the global exchange giant confirmed that it is still collaborating with the Philippines’ Cybercrime Investigation and Coordinating Center (CICC) to operate the newly opened National Cybercrime Hub, which just opened in December.
Role of the National Cybercrime Hub in Combating Cybercrimes
The new hub, which falls under the Department of Information and Communications Technology (DICT), is expected to strengthen the national government’s ongoing endeavors to combat the prevalence of cybercrimes in the country, such as online harassment, exploitation, and terrorism.
As per the government agency, the hub is said to use Binance’s proficiency in blockchain forensics and cybercrime prosecution to enhance CICC’s efforts to detect and curb cybercrime occurrences in the Philippines.
Jarek Jakubcek: Leading Binance’s Intelligence and Investigations in APAC
Further, the collaboration also claims to be one of the initiatives in the Asia Pacific region that involves various sectors and law enforcement agencies joining forces with the exchange in the global fight against cybercrimes. The operation will be led by Jarek Jakubcek, Binance’s Head of Intelligence and Investigations for APAC.
“Ensuring the secure and sustainable growth of the global crypto ecosystem involves doing our part to bolster international cybersecurity,” Jakubcek stressed, emphasizing that Binance takes a proactive approach to partner with both private and public entities to identify malicious actors and plays a crucial role in assisting global law enforcement agencies in combating cyber and financial crimes.
The Binance APAC Executive also noted that the new National Cybercrime Hub would serve as the “one-stop platform for cybercrime management in the Philippines.”
Binance’s Prior Partnerships with Philippines’ Government, Education, and Private Sectors
This is not the first time that Binance has forged partnerships with different government, educational, and private organizations in the Philippines.
Here is also the timeline of local events in which Binance has been involved since last year:
Recently, the U.S. Commodity Futures Trading Commission (CFTC) released a 74-page filing that sues Binance, CZ, and Chief Compliance Officer (CCO) Samuel Lim for purportedly breaking trading and derivatives rules. Binance is facing a lawsuit against the CFTC for allegedly committing multiple violations of the Commodity Exchange Act (CEA) and CFTC regulations.
The accusations were immediately addressed by CZ, who explained the main points of the filing, such as the system bypass of U.S. Citizens, cooperation and transparency with Law enforcement, and insider trading allegations. However, his explanation still has two allegations that need to be answered; the alleged 300 Binance accounts of CZ and the VIP program.
Since 2022, Binance has been pursued by Infrawatch PH for operating in the country without the proper license. Currently, the exchange is still not legally registered in the Philippines. In a report, Binance revealed that it is trying to acquire a local company with the necessary licenses—as of this writing there is still no update regarding the acquisition.
This article is published on BitPinas: Binance Joins DICT, Cybercrime Investigation Group to Operate National Cybercrime Hub
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.
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- Source: https://bitpinas.com/regulation/binance-partners-with-philippines-dict-cicc-national-cybercrime-hub/
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