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BINANCE BLOG


BINANCE JOINS ACFE HONG KONG ANNIVERSARY CONFERENCE TO DISCUSS CRYPTO CRIME AND
COMPLIANCE

2024-12-18


MAIN TAKEAWAYS

 * On November 27, 2024, the Hong Kong chapter of the Association of Certified
   Fraud Examiners (ACFE) celebrated its 25th Anniversary with an annual dinner
   and panel discussions of crypto-related financial crime and regulatory
   trends.

 * One of the panels featured Nils Andersen-Röed, Head of Binance’s Financial
   Intelligence Unit.

 * From combating financial crimes to fostering education and regulatory
   collaboration, Andersen-Röed articulated actionable insights for the crypto
   industry. 



On November 27, 2024, the Association of Certified Fraud Examiners’ (ACFE) Hong
Kong Chapter celebrated its 25th Anniversary with a conference and annual dinner
held at the Regal Hongkong Hotel in Causeway Bay. Among the highlights of the
event was a panel discussion titled “Crypto-Related Financial Crime and
Regulations,” which featured several notable crypto industry leaders, including
Binance’s Nils Andersen-Röed, Head of the Financial Intelligence Unit.




The event gathered over 150 attendees, including professionals from financial
crime prevention, compliance, and regulatory sectors, who discussed emerging
trends, shared insights, and celebrated a quarter-century of commitment to fraud
prevention and financial integrity. The panel session, moderated by Raymond Chai
of Dun & Bradstreet Hong Kong, provided an engaging platform for thought leaders
to explore challenges and innovations in combating crypto-related financial
crimes.


THE PANEL: KEY DISCUSSIONS AND INSIGHTS

The panel discussion zoomed in on the unique challenges and regulatory dynamics
faced by both startups and established players in the cryptocurrency sector.




CHALLENGES FOR CRYPTO STARTUPS AND GIANTS

The blockchain and crypto industry is still in its nascent stages, with only
about one-third of jurisdictions having dedicated regulatory frameworks and
others remaining in the “wait and see” or learning stages. Even as regulatory
frameworks emerge, they present a wide variety of approaches, making the
landscape a challenge to navigate. 

Nils Andersen-Röed provided insights into Binance’s approach to managing
compliance on a global scale. “For Binance, this means significant investment in
understanding and meeting diverse requirements worldwide, investments in
technology, processes, and talent,” he shared. “Our goal is to establish Binance
as the industry’s gold standard and to set an example for our peers in the
crypto space.” 


BINANCE’S CASE-SHARING IN COMBATTING FINANCIAL CRIME

The panelists noted that cryptocurrencies constitute a relatively insignificant
portion of global illicit funds. Data show that traditional methods and tools
like real estate transactions and legacy banking practices stand as far more
substantial conduits for illicit activity such as money laundering.

The panel also explored real-world examples of financial crime in the crypto
space and the role of blockchain technology in combating criminal activity. For
example, Binance had several collaborative successes with different law
enforcement agencies across the region, including in India, Indonesia, Malaysia,
and Thailand.


RISK AND MITIGATION CONTROL IN BANKING VS. CRYPTO 

Comparing the banking and crypto sectors, the panelists noted that while both
adhere to stringent know-your -customer and anti-money-laundering (KYC/AML)
requirements, the decentralized and immutable nature of blockchain transactions
that run 24/7 introduce unique challenges.  

Andersen-Röed highlighted Binance’s investment in advanced compliance
technologies and strategic partnerships to mitigate risks. This includes
collaborations with leading regulatory technology (RegTech) vendors and the
development of proprietary tools to monitor transactions, detect potential
risks, and enhance compliance processes. 

Binance takes the prevention of money laundering, financing of terrorism,
proliferation financing and other types of attempted misuse of its platform for
illicit purposes very seriously. Andersen-Röed explained that Binance evaluates
the laws and regulations specific to each jurisdiction where it operates to
build the compliance program that meets those local requirements along with
international standards. 


FINAL THOUGHTS

The panel discussion at the ACFE Hong Kong Chapter’s 25th Anniversary event
provided valuable insights into the challenges and opportunities within the
crypto industry. From combating financial crimes to fostering education and
regulatory collaboration, the session highlighted how building a secure and
sustainable crypto ecosystem requires a collective effort. With leaders like
Binance at the forefront, the crypto industry is poised for continued growth and
responsible innovation.


FURTHER READING

 * Binance Brings Law Enforcement Expertise to Hong Kong International Symposium
   on Cyber Policing

 * Hong Kong Police Force Commend Binance for Aiding in the Dismantling of
   Multi-Million Dollar Criminal Syndicate

 * Royal Thai Police Recognizes Binance for Support in Combating Crypto Crime



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Article Outlines
Binance Joins ACFE Hong Kong Anniversary Conference to Discuss Crypto Crime and
Compliance
Main Takeaways
The Panel: Key Discussions and Insights
Challenges for Crypto Startups and Giants
Binance’s Case-Sharing in Combatting Financial Crime
Risk and Mitigation Control in Banking vs. Crypto 
Final Thoughts
Further Reading
247,620,881 users chose us. Find out why today.
Register Now



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