Binance CEO highlights the platform's prevention of $2.4B in scam losses, protecting 1.2M users through advanced risk and monitoring systems.
Binance CEO Richard Teng recently outlined how the exchange has prevented over $2.4 billion in losses from scams and frauds, impacting over 1.2 million users across the globe. These prevention efforts were aided by the platform’s risk management and monitoring systems from January to July 2024.
Binance CEO Richard Teng Spotlights Milestone
Binance CEO Richard Teng took to the X platform to share some of the most important milestones in protecting users’ assets. During his tenure at, the company has strengthened its system to combat crypto scam, a key rising issue. Teng also highlighted the combination of automated AI systems with manual intervention, which helps to monitor and identify suspicious activities in real-time.
Additionally, Binance CEO Richard Teng pointed out that most of the averted losses originated from monitoring at the crypto withdrawal level. This ensures that user transactions are protected and builds confidence for users on the exchange platform.
it serves as a critical reminder of the ongoing risks in the crypto landscape. The exchange’s proactive security measures play a vital role in an environment where safeguarding assets against such threats is paramount.
The continuous improvement of these systems is essential for maintaining user confidence in the face of evolving threats.
In another move, Binance announced the introduction of USD-Margined perpetual contracts for VOXEL, enhancing its offerings in the futures market. The new contracts allow up to 50x leverage, giving traders greater flexibility and potential for high returns.
The initiative is part of a broader strategy to diversify its trading options, catering to various investor preferences and risks.
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