Binance, one of the world’s leading cryptocurrency exchanges, has partnered with law enforcement agencies across the globe in a new anti-scam initiative. The campaign aims to combat the rising number of scams. These scams have emerged during the COVID-19 pandemic, both in traditional and crypto-related frauds. This move has been uncovered by the CEO (Changpeng Zhao) himself through his official Twitter account.
Binance Collaborates with Global Law Enforcement to Combat Financial Crimes
Binance has been working with law enforcement agencies worldwide for several years to prevent and combat financial crimes. The company has been aware that scammers request personal information in various forms. It includes such as phone calls, malicious links in emails, or direct messages on Telegram. They also use social engineering techniques to deceive people into voluntarily providing access to their funds.
To protect its community and ecosystem, Binance has launched the Joint Anti-Scam Campaign in collaboration with law enforcement authorities globally. The Hong Kong department of police worked with Binance to develop a targeted alert and crime prevention message. It comprises advice, examples of the most prevalent scams, and community connections.
When a user in Hong Kong requests a withdrawal from Binance, they will receive a notification about the Joint Anti-Scam Campaign. In the first four weeks after launch, about 20.4% of users changed their minds about withdrawing. They also checked to see whether the transaction was potentially fraudulent. The Hong Kong Cyber Security and Technological Crime Bureau expressed its support for the program. They say that they are focusing on effective crime prevention. They also have collaborated with Binance to provide vital information to appropriate users.
Binance’s Joint Anti-Scam Campaign Receives Positive Response from Community
The majority of the Binance community has welcomed the initiative. It increases security significantly with no noticeable impact on the user experience. Binance plans to expand its anti-scam campaign by partnering with local law enforcement authorities in more locations. The company’s current anti-crime and crime-prevention efforts internationally, including general operational law enforcement support. It will be strengthened by the Joint Anti-Scam Campaign.
Binance is also working on more security measures and encourages users to visit its User Protection page to learn more about how the company keeps its users secure. Requests for assistance with criminal cases can be sent through the Law Enforcement Portal. It is accessible to law enforcement and other government agencies.
This Binance campaign is a critical step towards preventing and combating financial crimes. By partnering with law enforcement agencies globally, the company can protect its community and ecosystem while increasing security and preventing fraudulent activities.