Highlights:
From January to July 2024, Binance’s comprehensive risk management and real-time monitoring systems have prevented the loss of over $2.4 billion due to potential scams and fraud, protecting over 1.2 billion users worldwide.
Binance’s powerful risk engine, which combines manual and AI-based reviews, dynamically detects and flags suspicious transactions, ensuring user safety in all areas of the platform.
While Binance employs extensive security measures, we urge users to remain vigilant and adopt strict security habits as the platform continually innovates to stay ahead of potential threats and create a safer cryptocurrency ecosystem.
At Binance, user safety is paramount. Thanks to our proactive approach to ensuring the safety of our 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 affected over 1.2 billion Binance users worldwide. This achievement is a result of Binance’s comprehensive risk management measures that help effectively detect and flag suspicious transactions on the platform.
A powerful engine
At the heart of Binance’s threat monitoring system is a powerful risk engine that performs real-time monitoring, leveraging a hybrid of manual and artificial intelligence (AI)-based review. This allows the Binance team to dynamically detect suspicious transactions and take action to protect users quickly. The system operates across all Binance verticals, protecting users in diverse domains including P2P trading, payments, cryptocurrency network withdrawals, and more.
Suspicious transactions are typically detected at the cryptocurrency withdrawal stage, when criminals attempt to siphon funds from potential victims and bypass Binance’s security and risk control systems. Of the $2.4 billion in avoided losses recorded so far this year, withdrawals linked to suspected cryptocurrency scams account for over $1.1 billion, or roughly 45% of the total amount.
“User-centricity has always been a key priority for us at Binance, which underlies our emphasis on building and maintaining industry-leading technology tools and processes that enable us to protect our users and their assets around the clock,” shared Rohit Wad, CTO of Binance.
Wad added that these efforts are helping to create a safer ecosystem for all cryptocurrency 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 an ongoing process, as cybercriminals never stop coming up with new ways to breach cryptocurrency platforms’ defenses.
Towards a safer ecosystem
In addition to threat monitoring and detection, Binance employs a number of tools and measures to protect users from crypto scams. These measures are organized into eight levels based on risk severity and ensure a balance between user experience and security, from customized pop-up notifications to protection features and wake-up calls. Additionally, Binance offers various appeal management channels, from fully automated to manual, 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 users and their assets, we always emphasize the importance of user vigilance.
“We urge our users to remain vigilant and empower themselves with their own security,” added Rohit Wad. “While our team has implemented extensive measures to protect their funds, ultimately, users themselves play the most important role in protecting their assets. Please stay informed, use sound security practices, and be wary of potential scams.”
In addition to protecting its own platform, Binance has protected over $73 million in misplaced or lost funds from third-party platforms since July 31 this year. We will continue to innovate and strengthen our security measures to ensure a safe environment for all crypto users, both on and off the Binance platform.
