Binance floats new update against crypto scam


TL;DR Breakdown

  • Binance announces new update against crypto scam
  • The exchange says it will team up with security agencies
  • Crypto scams register uptick since February

Binance has announced that it is looking to ink several partnerships with law enforcement agencies to campaign against crypto scams. According to a post from the exchange on March 3, the campaign will help reduce the number of scams innocent traders fall for. In the details, the company said it would send trigger warnings to customers to help them avoid these risks.

Binance says it will team up with security agencies

According to Binance, the program has garnered so much success after it was launched in Hong Kong. The company now wants to extend that success to other countries worldwide. In its detailed blog post, Binance explained that the project was successful in Hong Kong because it could team up with the proper agencies. Aside from a technological crime bureau, the company also enlisted the help of the cybersecurity arm of the Hong Kong police to achieve its aims.

Binance noted that it works hand in hand with these agencies to build an alert that will pop up anytime users try to make transactions. Also, users were notified upon withdrawal to ensure they understood how to avoid being scammed. The company also sent users tips every interval on steps to ensure that their accounts and wallets are kept safe from these scammers.

Crypto scams register uptick since February

Binance also said it investigated how users responded to the pop-up warning information. The company discovered that more than 20% of its users were interested in these tips, most choosing to read their guidelines before making transactions. The prompt presents users with up-to-date statistics on the crypto scam committed, with the users allowed to verify the statistics on a list of websites sanctioned by Binance. The prompt also sounded like a warning that the company has always told users that it will never call them for any reason.

With Binance recording a high level of success in Hong Kong, it is confident that should a partnership with agencies in other countries be established, it will help traders in those countries mitigate risks associated with trading crypto. Crypto users have fallen for phishing scams since the beginning of the year. Hackers were believed to have created an ETH-based event where users were asked to donate funds for a future reward. According to the details of the scheme, the scammers stole more than $300,000 worth of crypto during the process. In addition, an NFT-based scam also saw a trader lose about 300,000 after he was tricked into interacting with a fake website of the same project.

The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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