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How Binance Stopped $129M in Scams Using AI in 2024 🚀
In a bold move to protect its users, Binance utilized advanced AI technology to combat scams in 2024. Here’s a breakdown of their efforts:
🔍 How AI Changed the Game
Deployed 50+ machine-learning models with 14 major upgrades in 2024.
These models identify and halt suspicious transactions, allowing users to recover funds before permanent losses.
📞 Proactive User Protection
Made 30,000+ warning calls to educate users about emerging risks.
Result: $9.1M recovered monthly, giving victims a chance to regain their funds.
🛡️ Setting New Crypto Security Standards
Binance is leading the way in user safety, setting a high benchmark for security in the volatile crypto space.
⚖️ Regulatory Hurdles
Despite these successes, challenges persist:
Binance Australia faced legal action by ASIC for misclassifying 500+ retail customers, leading to insufficient consumer protection.
Binance compensated affected users with $8.29M, while ASIC continues its push for stricter compliance measures.
Through innovative AI solutions and user-focused initiatives, Binance is proving its commitment to safeguarding the crypto community while navig
ating regulatory challenges. 💡
