From January to July 2024, Binance has successfully prevented over $2.4 billion in potential losses from scams and fraud, safeguarding more than 1.2 million users globally.
This accomplishment is attributed to Binance’s robust risk management measures, which have proven effective in detecting and flagging suspicious transactions across its platform.
Central to Binance’s security operations is a risk engine that combines artificial intelligence (AI) with manual review processes. This system enables real-time monitoring of transactions across various services, including P2P trading, payments, and cryptocurrency withdrawals. According to Binance, withdrawals linked to suspected crypto scams accounted for over $1.1 billion, or roughly 45% of the total prevented losses.
Rohit Wad, Binance’s Chief Technology Officer, noted that user protection is a key priority for the platform, with continuous efforts being made to enhance security measures in response to evolving threats.
Security Measures and User Responsibility
In addition to monitoring transactions, Binance employs various tools to protect users from potential scams. These include notifications, cooldown features, and appeal handling channels tailored to different levels of risk. The platform emphasizes the importance of user vigilance in maintaining security, encouraging users to adopt strong security practices and remain cautious.
Beyond its internal security efforts, Binance has also recovered over $73 million in misplaced or lost funds for external parties as of July 31, 2024. The platform continues to work on improving its security infrastructure to provide a safer environment for all cryptocurrency users.
