Dubai platforms join police to combat crypto fraud

Dubai police

Dubai police have strategically teamed up with crypto trading platforms to help investors and traders to keep away from crypto fraud that has been happening a lot recently.

“We have been working with key policymakers to help them build regulation that will make crypto safe for investors. The string of scams happening on peer-to-peer platforms and the partnership with the police could help investors and traders steer clear of them.” Ola Doudin, chief executive officer of BitOasis, said.

Since UAE has taken an active role in promoting blockchain technology, this announcement has taken several initiatives that make it even easier for crypto traders to do transactions in a safer environment.

“(The UAE) is taking a hands-on approach to ensuring the financial security of the country, investors, and all stakeholders operating within the crypto space,” Tarek Mohammed, head of virtual asset crime section at Dubai Police.

The police department is training its force “extensively” to understand crypto and blockchain technology, he said. The partnership aims to create “effective investigation methodologies to combat the risks associated with crypto trading.”