Binance, a cryptocurrency exchange, revealed on Friday that it has recently begun a campaign in collaboration with law authorities to prevent cryptocurrency-related scams.
Binance reported that it had “had consultations with law enforcement agencies worldwide on how to combat and prevent such crimes” after observing “an alarming increase in both traditional and crypto-related frauds.” Detailing the cryptocurrency exchange
Binance in Partnership with Law Enforcement
Binance recently began a global anti-scam effort in collaboration with law enforcement organizations. In Hong Kong, Binance “worked with local police to prepare a focused notice and crime prevention message that contained useful suggestions, instances of the most prevalent scams, and relevant information and connections,” according to the release.
According to the international cryptocurrency corporation, “the experiment has produced fantastic achievements so far,” noting that “in the first four weeks since its inception, about 20.4% of customers have either reconsidered the withdrawal or verified that the transaction was risk-free” of fraud.
- Binance has recently begun a campaign to prevent cryptocurrency-related scams.
- About 20.4% of customers verified that the transaction was risk-free.
- Crypto scam revenue decreased by 46% in 2022, according to a report last week from blockchain data research.
According to the Cyber Security and Technology Crime Bureau (CSTCB) of the Hong Kong Police, preventing crimes effectively is of utmost importance. Thus, in order to provide the most crucial crime prevention recommendations to the appropriate consumers, we have partnered with a number of partners, including Binance.
The Joint Anti-Scam Campaign complements our current worldwide crime-fighting and crime-prevention programs, according to Binance, which also noted that it now “seeks to engage with law enforcement agencies in other countries” while pushing its other anti-fraud initiatives.
The Global Law Enforcement Training Program and general law enforcement operational support are two of the cryptocurrency exchange’s ongoing anti-scam activities.
Crypto scam revenue decreased by 46% in 2022, according to a report last week from blockchain data research company Chainalysis. The US Federal Bureau of Investigation (FBI) has repeatedly warned about the disturbingly prevalent pig slaughter hoax, which is one of the more prevalent crypto scams.
Senators from the US are actively looking into Binance and its connected platform Binance US for “possible illegal business practices.”
