The post $2.4 Billion Blocked! How Binance is Winning the War Against Online Scams appeared first on Coinpedia Fintech News
While the global community prepares to celebrate Halloween, Binance insists on fighting internet fraud in its products. According to the latest blog by Binance, from the beginning of 2024 till now, Binance was able to block more than $2.4 billion in potential fraud via its security measures. This achievement is in a way speaking volumes of the exchange’s concern for the welfare and security of users of its platform.
Multi-Layer Protection
Binance has a multilateral approach that escalates depending on the danger level. This involves user notifications alerting them of scams, rating users at risk of being scammed and unpacking a database of malicious addresses that prevents users from making transactions to or from risky wallets.
Also, Binance suspends all operations involving Ponzi scams and self-cooling mechanisms that help prevent users from making hasty withdrawals.
Binance also cooperates with the police to identify funds of criminal origin and restore stolen funds. The legal and compliance departments of Binance are engaged in the global fight against criminals and therefore the exchange is a major anti-crypto criminal organization.
Educating Users
Apart from the pure technology aspect, Binance taught users through blogs, and courses and knew their scam campaign. Through educating its users about such scams as phishing and Ponzi schemes, Binance helps its users to be wary.
With financial crime methods constantly in motion, Binance weaves a comprehensive model using artificial intelligence as tiered steps, as well as the inclusion of humans in the system, to add to a secure crypto trading platform.
