Binance Joins T3+ to Combat Crypto Crimes

Binance has officially joined T3+ as its inaugural member, marking an expansion of the T3 Financial Crime Unit established by TRON, Tether, and blockchain analytics firm TRM Labs. This collaboration comes on the heels of TRON founder Justin Sun announcing that T3 has facilitated the freezing of over $250 million in illicit assets within less than a year of its inception. T3+ is designed as a public-private partnership, uniting industry players and law enforcement agencies globally. The primary aim is to accelerate cross-border investigations and enhance monitoring capabilities by engaging directly with exchanges, financial institutions, and other relevant stakeholders. Nils Andersen-Röed, Global Head of the Financial Intelligence Unit at Binance, emphasized that this initiative represents a form of proactive collaboration. Paolo Ardoino, CEO of Tether, remarked, "The ability to freeze over $250 million in illicit assets within a year is a strong indication of what the industry can achieve when united by a common objective." In January, T3 revealed that it had frozen $130 million worth of USDT, nearly doubling the total amount frozen in just eight months. Additionally, the group has monitored more than $3 billion in transactions since its launch in September 2024. Earlier this year, TRM Labs reported a 24% decrease in illicit crypto volume from 2023, bringing it down to $45 billion, which now constitutes only 0.4% of total crypto transactions. TRON noted the most substantial reduction in illicit activity, with a $6 billion drop in its illicit volume. Disclaimer: The Block is an independent media outlet providing news, research, and data. As of November 2023, Foresight Ventures is a majority investor in The Block, which continues to operate independently while delivering objective information about the crypto industry. This article is meant for informational purposes only and should not be considered legal, tax, or investment advice.