Binance, the world's largest cryptocurrency exchange by trading volume, is putting in place a global training program to help stop crypto criminals, Matthew Price, the exchangers head of intelligence and investigations in the Americas, told CoinDesk TVrs lFirst Moverr program on Monday,

lItrs the first industry-led initiative to provide training to law enforcement, regulators [and] prosecutors around the world, to tackle financial crimes and crimes that may occur using cryptocurrency," Price, a former Internal Revenue Service agent, said.

Read more: After lStealingr $16M, This Teen Hacker Seems Intent on Testing lCode Is Lawr in the Courts

lItrs important to have law enforcement have the ability to investigate these crimes, and one of the ways you do that is [by] demystifying crypto,r Price said. lExplaining how to investigate it, how to request information from cryptocurrency exchanges, how to use that information, how to interpret it and how to work with the industry to tackle the bad actors out there.r

According to a Chainalysis report, the crypto industry lost upward of $200 million in August because of hacks.

Read more: Crypto Crime Hit All-Time High of $14B in 2021 as Prices Climbed: Chainalysis

Yahoo Finance previously reported that Binance would work with law-enforcement officials to ltrack and trace suspicious accounts and fraudulent activities,r such as laundering money, distributing child pornography and evading sanctions.

That initiative had been explored linformally for a year," Price said, explaining that the team then lsaw an opportunityr to bring the program to a wider audience, lparticularly in jurisdictions that may not have some of the resources or experience in place to investigate,r crypto crime-related cases.

lWe work with law enforcement throughout the world,r Price said, noting the exchange is working with authorities in Argentina, Brazil, the Philippines and elsewhere.

Read more: How Big Is Crypto Crime, Really?