Binance Announces Use of AI to Fight Fraud

In 2024, Binance prevented the theft of over $2.4 billion in user funds. The incidents affected 1.2 million exchange clients, the company said in a blog post.

“This achievement is a result of Binance’s comprehensive risk management measures that help effectively detect and flag suspicious transactions on the platform,” the report said.

The exchange’s monitoring system is based on a hybrid mechanism based on artificial intelligence and manual checks. The company noted that it tracks suspicious activity in real time and allows you to take measures to protect users.

The system covers various areas such as P2P trading, payments, withdrawals, and others. Binance noted that suspicious transactions are most often flagged at the cryptocurrency withdrawal stage — over $1.1 billion, or about 45% of prevented losses, are related to this area.

In addition to monitoring and detecting threats, Binance uses a number of tools to protect users from crypto fraud.

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