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Main TakeawaysThe Cyber Security Professional Awards is Hong Kong's landmark cyber security awards ceremony. Its fourth iteration was held on February 29, 2024.During the ceremony, Binance received the Merit Award under the banking and finance category, being the only Web3 representative to receive this honor from the Hong Kong Police Force this year.Binance's expertise and continued efforts in assisting Hong Kong law enforcement agencies in the fight against virtual asset crimes has been recognised and commended.Binance has been presented the Merit Award during the Hong Kong Cyber Security Professional Awards ceremony, recognizing its contributions in assisting the Hong Kong Police Force (HKPF) in combating virtual asset-related crimes. Binance was the only Web3 company to have been presented the Merit Award under the banking and finance sectors. Jointly organized by the HKPF, the Government Computer Emergency Response Team Hong Kong (GovCERT.HK), and the Hong Kong Computer Emergency Response Team Coordination Centre (HKCERT), the event brought together cyber security experts from various relevant sectors.Police Officers from Hong Kong Cybersecurity and Technology Crime Bureau and representatives from Binance’s Investigation teamRecognizing ExpertiseLaunched in 2016, the Cyber Security Professional Awards is Hong Kong's premier cyber security awards ceremony, recognizing the outstanding achievements and skills of cyber security professionals across different industries. Binance’s commitment to cooperating with Hong Kong law enforcement officials, as well as its assistance to the HKPF in dealing with virtual asset-related crimes, has won the recognition of this year's selection committee.A representative of the Hong Kong Police Force said: “With the advent of the digital age, there have been concerns about the latest developments in crime trends. We believe it is crucial to increase cooperation with stakeholders in the industry and strengthen the effectiveness of law enforcement to combat crime through resource sharing, intelligence exchange, and talent cultivation. We are grateful to Binance for its support in enhancing the ability of law enforcement officers to combat criminals. We will continue to communicate and cooperate with industry experts to ensure the continued security of cyberspace.”Mr. Siu Chak-Yee, Commissioner of Police of HKPF with representatives from Binance’s Investigation team, Carlos MakCollaboration Is Key to Web3 SecurityCarlos Mak from Binance’s Investigations team, said: "I am honored to have received this award on behalf of Binance, and it serves as an important recognition of our commitment and efforts to secure Web3 networks. Close collaboration with law enforcement authorities is an integral part of Binance’s efforts to eradicate criminals in the industry, and we are driven to work alongside Hong Kong law enforcement officers to strengthen cyber security. In the future, Binance will continue our efforts to bolster global Web3 security and build a trustworthy Web3 ecosystem.”As an organization dedicated to maintaining user protection, Binance has one of the strongest financial crime compliance departments in the industry. Binance has played a key role in solving multiple major international cases and has worked with law enforcement agencies worldwide to share expertise in combating virtual asset-related crimes. These efforts have contributed to the creation of a safer virtual asset space today. According to Chainalysis’ 2024 Crypto Crime Report, the total value of virtual assets received by illicit addresses showed a considerable decline between 2022 and 2023, from $39.6 billion to $24.2 billion. This trend was also visible in the share of illicit crypto transactions in the overall transaction flow  going down from 0.42% to 0.34% between 2022 and 2023.Previously, Binance was also invited to participate in various activities organized by the Hong Kong Police Force, including the International Forum on Cyber Policing (ISCP), the Virtual Asset Investigation Course, and the Commercial Crime Advanced Course, which were well received by law enforcement officers.Further ReadingAbove and Beyond for Users: How Binance Helps Tackle Crime On - and OfflineBinance Shares Cyber-Policing and Investigative Expertise With INTERPOLDaily Life of Binance Investigators