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Binance chief executive officer Richard Teng, who took the steering wheel of the platform from Changpeng Zhao (CZ), has taken to his account on the X platform to share some important information with the Binance community.
Teng shared a link to a recently issued Binance article about the platform’s substantial progress in helping the community to slash crime in the cryptocurrency space, inviting his followers to read it.
According to the CEO, last year, Binance helped to prevent more than $4 billion in potential losses in the crypto space. His tweet was entitled: “Safer crypto for everyone!”
Binance's winning streak against crypto crime
The article starts by saying that, according to Chainalysis, in 2024, the overall illegal cryptocurrency transaction volume declined to just 0.14%, which means a substantial decline in crypto crime. Binance was one of the key contributors to that impressive result.
Thanks to measures taken by Binance – proactive prevention, recovery of stolen crypto and real-time risk management, the platform managed to save its users from potentially losing more than $4.2 billion last year.
The report also pointed out that despite a massive surge in Binance users, funds inflows and the company’s market capitalization, criminal transfers did not follow suit on the world’s largest exchange.
Yuri MolchanRecovering $9.1 million in stolen funds
In 2024, Binance made extensive investments in compliance programs, putting hundreds of millions of dollars into them. As a result, the Binance team of 650 pros in the compliance sphere managed to secure 21 regulatory licenses around the globe, which is more than any other crypto trading platform achieved last year.
Binance has also revealed its efforts at proactive user protection from crypto scams and fraud. To succeed in that field, Binance launched the Risk Sniper channel on Binance Square, which published real-time alerts and warned users about high-risk wallets and links. But aside from that, this account was also an educational hub to help users recognize scams as they were only emerging.
Alex DovbnyaAs a result, Binance “recovered $9.1 million in funds for scam victims, blacklisted 47,000 malicious addresses.”
Binance continues to improve its security and fraud prevention systems by investing in AI-driven risk management and partnerships around the world, as well as overall increasing its standards for user protection and security.
Dan Burgin
Vladislav Sopov