Binance, the world’s leading blockchain, has appointed the former Dark Web specialist from Europol to make strong the exchange’s audit and investigations team.
Nils Andersen has been a Europol’ Dark Web Team for almost three years. In a blog post, he says he looks to secure the cryptocurrency industry into a safer place for its users.
The appointed expert concentrates on handling and leading inner and outer investigations.
The aim is to know people that try to do violations on Binance’s platform. This move will preserve users’ funds as well as assist law companies with their investigations.
His appointment comes following Bloomberg’s report that Binance is facing Insider Trading and market manipulation accusations
For this case, Nils is joining the cryptocurrency business that is heated in a spacious pattern of supervisory contentions around the world. He comes in as Binance’s action to strengthen agreement efforts.
Insider Trading
According to Bloomberg’s report, the U.S government is investigating the operator of Binance for insider trading. The inquiries extend to confirm whether Binance or its staff get gains by taking advantage of its customers.
The allegations were shot in the middle of Binance’s attempts to shore up its agreement.
According to Binance, there is a zero-tolerance policy for Insider Trading and a strict moral code that related to any type of negative behavior.
The company has faced warnings from financial watchdogs from Britain and Germany. Furthermore, the Commodities Futures Trading Commission (CFTC) has been looking into Binance for months and its decisions might take a while longer. With the focus being on making them responsible to its customers.
The CFTC’s concern is on the lack of consumer protection which might hurt customers who have signed up for the exchange’s services.
In other words, Insider trading can sink people’s finances and bring mistrust in Binance and other crypto exchanges. For this reason, Binance seeks the services of Nils hoping to make sure that its customers’ money is safe.
Binance Platform and Services
Binance is one of the best speculation platforms with over 200 coins for deposit and withdrawal. It also allows its users to exchange money for Bitcoin and other coins.
There are several ways it provides for this services to be profitable;
- Peer-to-Peer trading(P2P): which connects buyers and sellers directly. it facilitates fiat payments with a wide variety of payment options for users’ choice.
- Credit card services: Recently Binance partnered with Simplex to supply an agent service through credit cards. Similarly, the service allows you to buy 31 different cryptos on the platform.
- In addition to its services, Binance has included financing options. Binance savings services allows users to make a return on unused funds through it’s has two types of accounts: the Manageable and Secured savings accounts which gain profits.
Nils will be looking to make this services are secure for customers to transact easily and efficiently. Nils’s skills have been recognized globally which means he comes into Binance just at the right time.