The cryptocurrency exchange Binance said on Friday that it has teamed up with law enforcement organizations to begin a campaign to prevent cryptocurrency-related frauds.
Binance stated that it has been “engaged in conversations with law enforcement authorities globally about how to fight and prevent such crimes” after noticing “an alarming upswing in both traditional and crypto-related frauds.” The release states that Binance “worked with the local police department to design a focused alert and crime prevention message that includes useful suggestions, instances of the most prevalent frauds, and relevant information and connections” before the campaign’s launch in Hong Kong.
Binance Is Taking Precautionary Steps
In the first four weeks since its inception, over 20.4% of users either reassessed the withdrawal or reviewed if the transaction contained the danger of being fraudulent, according to the global cryptocurrency corporation, which stated that “Thus far, the project has produced remarkable results.” The Global Law Enforcement Training Program, which was unveiled last year, and general operational law enforcement support are two of the crypto exchange’s current anti-scam activities.
Crypto scam revenue fell by 46% in 2022, according to a report last week by blockchain data analytics company Chainalysis. The U.S. Federal Bureau of Investigation (FBI) has frequently warned about the disturbingly prevalent pig slaughtering hoax, which is one of several crypto scams that are growing in popularity.
Senators from the United States are actively looking into Binance and its connected platform Binance US, a different organization, for “possibly unlawful business activities.” Binance looked at how users reacted to the messages over the course of four weeks. It was discovered that around 20.4% of customers either chose not to make the withdrawal or further looked into whether it would be a fraud.
