Key Points
From January to July 2024, Binance’s comprehensive risk management and real-time monitoring system successfully prevented more than $2.4 billion in potential losses from scams and frauds worldwide, protecting more than 1.2 million users worldwide.
Binance has a powerful risk engine that combines AI and manual review to dynamically detect and flag suspicious transactions, ensuring user safety across all platform verticals.
Binance is constantly innovating to stay ahead of potential threats and strive to create a safer cryptocurrency ecosystem. Despite the platform's extensive security measures, we urge users to remain vigilant and practice good security habits.
Binance puts user safety first. As a result of our proactive measures to protect users and their assets, we have successfully prevented more than $2.4 billion in potential scam and fraud losses from January to July 2024, which could have affected more than 1.2 million Binancians worldwide. This achievement is inseparable from Binance's comprehensive risk management measures, which help effectively detect and flag suspicious transactions on the platform.
Powerful engine
At the heart of Binance’s threat monitoring system is a powerful risk engine that combines artificial intelligence and manual review for real-time monitoring. This allows the Binance team to dynamically detect suspicious transactions and take quick action to protect users. The system is applicable to all verticals of Binance, providing security protection for users in various fields such as C2C transactions, payments, and cryptocurrency network withdrawals.
Suspicious transactions are usually flagged at the cryptocurrency withdrawal stage, when criminals attempt to divert potential victims’ funds away from Binance’s security and risk control systems. So far this year, Binance has successfully prevented a total of $2.4 billion in losses, of which more than $1.1 billion, or about 45%, were withdrawals related to suspected cryptocurrency scams.
“User-centricity has always been Binance’s top priority, underscoring our commitment to building and maintaining industry-leading technical tools and processes to protect users and their assets 24/7,” said Rohit Wad, CTO of Binance.
He added that these efforts made by Binance help create a safer ecosystem for cryptocurrency users, which is one of the responsibilities that Binance needs to bear as an industry leader. Criminals are always looking for new ways to break through the defenses of cryptocurrency platforms. In order to stay ahead of potential threats, we need to continuously improve the system and enhance our prevention capabilities. This is an ongoing process.
Building a more secure ecosystem
In addition to threat monitoring and detection, Binance also uses a series of tools and measures to prevent users from falling into cryptocurrency scams. From customized pop-up notifications to cooling-off period functions and call alerts, these measures are divided into eight levels according to the severity of the risk, aiming to achieve a balance between user experience and security. In addition, Binance also provides multiple complaint handling channels, both fully automatic and manual, to help users who are marked as potential risks and want to resolve the issue.
While Binance spares no effort to protect our users and their assets, we always emphasize the importance of users remaining vigilant.
“We urge users to remain vigilant and take responsibility for their own security,” added Rohit Wad. “While the team has taken a number of steps to protect user funds, ultimately, it is up to the user to protect their own assets. Continue to monitor relevant developments, adopt strong security measures, and remain vigilant to potential scams.”
In addition to ensuring the security of our own platform, Binance has also secured over $73 million in misplaced or lost funds for external parties as of July 31 of this year. We will continue to innovate and strengthen security measures to provide a safe environment for all cryptocurrency users on and off the Binance platform.
