The elderly, those who reside in distant locations, and those with disabilities have generally been identified by Binance Australia as vulnerable user groups.
Binance Australia has tightened up its onboarding procedure for new members to safeguard customers who have been identified as particularly vulnerable to financial cryptocurrency crime.
The new measures were stated in Binance Australia’s Economic, Social, and Governance (ESG) report for the June quarter on Monday. The report also mentioned that the exchange was developing a “stringent and user-focused onboarding experience” for groups where financial crime is more common.
Leigh Travers, CEO of Binance Australia, and Zachary Lu, a member of the exchange’s Financial Crime, Risk and Compliance section, said in a conversation with Cointelegraph that the firm had been actively looking into ways to protect “vulnerable consumers,” beginning with the onboarding procedure.
The Binance Aus Are Increasing Measures To Save Vulnerable Users:
According to Lu, those who are elderly, reside in remote places, or have Binance typically identifies disabilities as vulnerable users. He noted that these findings resulted from collaboration with several governments and research organizations that study financial crime.
The two stressed that the business is paying close attention to investment scams, in which fraudsters promise investors extraordinarily high returns to trick victims into transferring their money.
A recent analysis from Scamwatch estimated that $25 million was lost in the first half of 2021 due to phony investment schemes, which have cost Australians millions of dollars in cryptocurrency.
The company just launched a Know Your Customer (KYC) quiz that allows them to identify any potentially suspicious conduct to assess the depth of a new user’s crypto expertise and detect whether they have been enticed to join up under pretenses by a bad actor.
