Main Takeaways

  • From January to July 2024, Binance's comprehensive risk management and real-time monitoring systems have prevented over $2.4 billion in potential losses from scams and fraud, protecting more than 1.2 million users globally.

  • Binance's powerful risk engine, which combines AI-based and manual reviews, dynamically detects and flags suspicious transactions, ensuring user safety across all platform verticals.

  • While Binance employs extensive security measures, users are urged to remain vigilant and practice strong security habits, as the platform continuously innovates to stay ahead of potential threats and create a safer crypto ecosystem.

For Binance, user safety comes first. Thanks to our proactive approach to ensuring the security of users and their assets, from January to July 2024, we have prevented over $2.4 billion in losses from potential scams and fraud that could have impacted more than 1.2 million Binance users globally. This achievement is the result of Binance’s comprehensive risk management measures, which help to effectively detect and flag suspicious transactions on the platform.

A Powerful Engine 

At the heart of Binance’s threat monitoring system lies a powerful risk engine that conducts real-time monitoring, leveraging a hybrid of artificial intelligence (AI)-based and manual review. This allows the Binance team to dynamically detect suspicious transactions and take action to protect users quickly. The system operates across all Binance’s verticals, safeguarding users in various domains that include P2P trading, payments, crypto network withdrawals, and more.

Suspicious transactions are most often flagged at the crypto withdrawal stage, when criminals attempt to funnel potential victims’ funds away from Binance’s security and risk control systems. Out of the $2.4 billion in prevented losses recorded so far this year, withdrawals linked to suspected crypto scams make up over $1.1 billion, or approximately 45% of the total amount. 

“Being user-focused has always been a key priority for us at Binance, which underlies our emphasis on building and maintaining industry-leading technological tools and processes that enable us to protect our users and their assets around the clock,” shared Rohit Wad, Chief Technology Officer at Binance. 

Wad added that these efforts are helping to create a safer ecosystem for all crypto users, which is an important part of Binance’s responsibility as an industry leader. The work of improving our systems and capabilities to stay ahead of potential threats is a continuous process as bad actors never stop devising new ways to breach crypto platforms’ defenses.

Toward a Safer Ecosystem

In addition to threat monitoring and detection, Binance employs a range of tools and measures to protect users from crypto scams. These measures are arranged across eight levels according to the severity of the risk and ensuring a balance between user experience and security, from customized pop-up notifications to cooldown features and wake-up calls. Additionally, Binance offers various appeal handling channels, from fully automated to manually handled, to assist users who have been flagged as potentially at risk and are looking to resolve their issues.

While we continue to go above and beyond to protect and secure users and their assets, we always emphasize the importance of user vigilance. 

"We urge our users to remain vigilant and take responsibility for their own security," added Rohit Wad. "While our team has implemented extensive measures to protect your funds, ultimately, users themselves play the largest role in safeguarding their assets. Stay informed, use strong security practices, and be cautious of potential scams."

In addition to safeguarding its own platform, as of July 31 this year, Binance has secured over $73 million in misplaced or lost funds for external parties. We will continue to innovate and strengthen our security measures to ensure a safe environment for all crypto users, both within the Binance platform and beyond.

Further Reading

  • Binance’s 8 Levels of Anti-Scam Risk Control Measures

  • Binance Secures Over $73M in Funds Stolen from External Parties

  • Binance Teams up With Macau Judiciary Police To Launch Joint Anti-Scam Campaign