Fintech PR
Binance Prevents $2.4 Billion in Potential User Losses in 2024 So Far
Proactive efforts by Binance protected over 1.2 million users from suspected scam and fraud, demonstrating the organization’s unwavering commitment to user protection
DUBAI, UAE, Aug. 20, 2024 /PRNewswire/ — Binance, the leading blockchain ecosystem behind the world’s largest crypto exchange by trading volume, is pleased to announce that from January to July 2024, it prevented over $2.4 billion in losses from potential scams and fraudulent activities that could have impacted more than 1.2 million users. This achievement is the result of Binance’s comprehensive risk management measures, which help to effectively detect and flag suspicious transactions across the platform.
Binance employs a sophisticated internal risk engine that conducts real-time monitoring on a 24/7 basis, leveraging a hybrid of artificial intelligence (AI)-based and manual review. This allows the Binance team to dynamically and precisely detect suspicious transactions and take action to protect users quickly. The risk engine operates across all verticals of the Binance ecosystem, safeguarding users in various domains, including P2P trading, payments, crypto network withdrawals, and more. Multiple layers of controls are integrated within the system to ensure that risk exposure is mitigated and the overall risk level remains within an acceptable range.
The stage at which suspicious transactions are flagged most often is the crypto withdrawal stage. Out of the $2.4 billion in prevented losses recorded so far this year, withdrawals linked to suspected crypto scams make up over $1.1 billion, or approximately 45% of the total amount.
“Being user-focused has always been a key priority for us at Binance, which underlies our emphasis on building and maintaining industry-leading technological tools and processes that enable us to protect our users and their assets around the clock,” shared Rohit Wad, Chief Technology Officer at Binance. “Preventing over $2.4 billion in potential losses over just seven months is testament to our hard work and dedication over the years. We are glad that our efforts are helping to create a safer ecosystem for users, and we will continue to embrace our responsibility as an industry leader by regularly improving our systems and capabilities to stay ahead of potential threats.”
Beyond monitoring and detection, Binance also employs a wide array of tools and measures to protect users from crypto scams. The organization’s risk control measures are divided into eight levels according to the severity of the risk, ensuring a balance between user experience and security. These measures range from customized pop-up notifications to cooldown features and wake-up calls. Additionally, Binance offers various appeal handling channels, from fully automated to manual processes, to assist users who have been flagged as potentially at risk and are looking to resolve their issues.
While Binance continues to go above and beyond to protect and secure users’ assets, the company also emphasizes the importance of user vigilance.
“We also urge our users to remain vigilant and take responsibility for their own security,” added Rohit. “While our team has implemented extensive measures to protect your funds, ultimately, users themselves play the largest role in safeguarding their assets. Stay informed, use strong security practices, and be cautious of potential scams.”
Today’s announcement closely follows another recent report that Binance has secured over $73 million in misplaced or lost funds for external parties as of July 31 this year. The company will continue to innovate and enhance its security measures to ensure a safe and secure environment for all crypto users, both within its platform and beyond.
About Binance
Binance is a leading global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume and registered users. Binance is trusted by more than 200 million people in 100+ countries for its industry-leading security, transparency, trading engine speed, protections for investors, and unmatched portfolio of digital asset products and offerings from trading and finance to education, research, social good, payments, institutional services, and Web3 features. Binance is devoted to building an inclusive crypto ecosystem to increase the freedom of money and financial access for people around the world with crypto as the fundamental means.
For more information, visit: https://www.binance.com
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