Binance has announced that it has prevented over $2.4 billion in potential losses from scams and fraudulent activities from January to July 2024. These preventive measures have safeguarded more than 1.2 million users. This significant achievement highlights Binance’s commitment to comprehensive risk management and user protection across its platform.
Binance utilizes a sophisticated internal risk engine that combines artificial intelligence (AI) and manual review to conduct 24/7 real-time monitoring. This dynamic system effectively detects suspicious transactions and swiftly acts to protect users. The risk engine operates across all verticals of the Binance ecosystem, including P2P trading, payments, and crypto withdrawals, ensuring that risk exposure remains within acceptable limits.
A substantial portion of the $2.4 billion in prevented losses, approximately $1.1 billion (45%), was flagged during the crypto withdrawal stage, often linked to suspected scams.
“User protection has always been a key priority for us at Binance, driving our focus on developing industry-leading technological tools and processes that secure our users and their assets around the clock,” said Rohit Wad, Chief Technology Officer at Binance. “Preventing over $2.4 billion in potential losses in just seven months is a testament to our ongoing dedication. We are committed to continuing our efforts to create a safer ecosystem for all users.”
In addition to its robust monitoring and detection systems, Binance employs a range of tools to protect users from scams, including customized notifications, cooldown features, and various appeal handling channels to assist users flagged for potential risk.
While Binance’s efforts have significantly enhanced user security, the company emphasizes the importance of user vigilance.
“We urge our users to remain vigilant and take responsibility for their security,” added Rohit. “While we provide extensive measures to protect your funds, users must also adopt strong security practices and stay informed to avoid potential scams.”
This announcement follows a recent report that Binance secured over $73 million in misplaced or lost funds for external parties as of July 31, 2024. Binance remains committed to innovating and enhancing its security measures to ensure a safe and secure environment for all crypto users, both on and off its platform.
