Home
News
- Binance will now work closely with Fetch.ai to identify and freeze the hackers accounts
- To work with Biannce, Fetch.ai has filed a petition with the London High Court which is approved
- The case will be a test of the English court system’s ability to tackle fraud and cyber financial crimes
Binance is one of the leading crypto assets exchanges globally. Since its establishment, the firm has seen tremendous growth. However, over the past few months, the exchange platform is facing heavy turbulence from financial regulators. Recently, the crypto firm has been appointed by the London High Court to look over digital currency hackers. The court asked the platform to identify and block their accounts. These all began after a client claimed he was the victim of a massive $2.6 million attack.
Can Binance identify hackers?
Fetch.ai, an artificial intelligence startup has received approval for its petition filed in the London High Court. The firm wanted to appoint Binance to take efforts to identify the malicious actors and trace and seize the virtual currencies. The approval was received by the firm in a decision made public this week.
Ability of the English court system to tackle
We observed that the case is one of the first public ones involving relatively small sums. Moreover, it is expected that the case will be a test of the English court system’s ability to tackle fraud and cyber financial crimes.
Freeze of suspicious accounts
Previously, Binance used to freeze all the suspicious accounts following their security policies. Following the features, the digital assets exchange is used. To make commitments that users are protected using their platform. Hence, now the firm will help Fetch.ai in the recovery of assets.
Fetch.ai to look for hackers
Fetch.ai creates artificial intelligence-based projects for blockchain databases. The firm claims that the illicit players have broken into its crypto accounts on the Binance digital market. However, the exchange that has alerted the firm for suspicious activity has already seized an amount and indicated that the firm will comply with the instructions.
Crypto exchange facing scrutiny globally
Over the past few months, Binance has been facing tough regulatory scrutiny. The firm has an opaque corporate structure. The regulators began to eye the exchange amid worries that such platforms might be used for laundering funds. However, several nations warned the firm for operating unlicensed in their region. But the firm claims that it has increased its financial international compliance team with the advisory board.
