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Radhika Parashar
- The T3 initiative was first launched in September 2024
- T3+ is the next iteration of this initiative that welcomes more members from the Web3 community
- The T3 team plans to create an infrastructure required for effective transaction monitoring
Binance has taken a step to curb the misuse of cryptocurrencies. In August 2024, Tether, Tron, and TRM Labs formed a financial crime unit called T3 with the aim to fight illicit actors exploiting USDT tokens on the Tron blockchain. On August 12, the three Web3 firms launched the next iteration of T3 dubbed “T3+” — of which, Binance has become a part.
In the last one year, the T3 initiative managed to freeze over $250 million in illicit assets. An official announcement launching T3+ further claimed that $6 million were recently frozen with Binance’s assistance as part of the initiative.
Justin Sun, the founder of Tron, welcomed Binance onboard the T3+ initiative through a post on X.
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Going forward, members of T3+ plan on working closely with crypto exchanges, financial institutions, and other members of the Web3 ecosystem. The aim is to improve the “monitoring capabilities, speed communications and collaboration, and multiply the ability to address illicit activity more effectively across the entire blockchain industry.”
Commenting on the development, Tether CEO Paolo Ardoino reiterated that the global Web3 industry should collaborate with international law enforcement agencies to identify and bust potential exploitation of crypto assets facilitating criminal activities.
Tron’s Sun and TRM Labs’ head of global investigation, Chris Janczewski seconded Ardonio on calling for an industry-wide cooperation in curbing crypto-related crimes.
“Collaboration is essential to ensuring blockchain’s long-term success. Joining the T3+ initiative reflects our dedication to proactive collaboration with industry partners and law enforcement to combat illicit activity in real time,” said Nils Andersen-Röed, Global Head of the Financial Intelligence Unit at Binance.
Going forward, the T3 team plans to create an infrastructure required for effective transaction monitoring that aligns with international financial crime prevention efforts, the announcement noted.
