In 2024, Binance took big steps to protect its users, stopping $4.2 billion in potential losses from scams and fraud. By working closely with global regulators and law enforcement, and improving safety features, Binance showed its commitment to making the crypto world safer and more trustworthy for its 250 million users worldwide.
As early as 2024, Binance was very serious about its security for the users and the regulators in compliance. It froze and recovered up to $4.2 billion that could have been lost by users through scams and fraud.
Trust through security and compliance in 2024
In 2024, Binance took a great leap in the way of security and compliance by growing its full-time professionals toward an internal compliance team of more than 650 and by winning 21 worldwide regulatory licenses, thereby earning Binance as the most regulated crypto exchange.
The Binance risk framework was aligned in accordance with its strategic objectives coupled with compliance and regulatory mandates since the Risk and Compliance Committee was developed recently.
As a result, this put the exchange on such high standards to be considered for the international system while deepening user trust.
It collaborated with law enforcement agencies through Binance security projects. To the end of 2024, the exchange responded to more than 64,800 inquiries from law enforcers, offered 100 training events, and participated in events, like Binance Law Enforcement Day, where 1,300 investigators from 80 countries arrived fully armed to battle effective cybercrime fighting.
Security and transparency
In addition, Binance’s security recovered $88 million lost, misplaced, or stolen from users. Most of these occur through hacks, exploits, and thefts from external platforms.
Programs, such as the Cybercrime Atlas, a tool designed collaboratively with the World Economic Forum – mobilized worldwide partners in dismantling digital crime networks.
In matters of security, Binance came up with the Risk Sniper channel to caution its clients of unauthenticated addresses and links in its platforms.
On other measures taken, it managed to eliminate over 1,000 phishing posts at the start of 2024 in order to discourage this phishing activity through its applications, creating self-awareness with them on how much these attacks keep getting worse each day.
It also continued to develop its system for Proof of Reserves (PoR) with the latest protocols, including zk-SNARKs. In the process, the service augmented support for 34 tokens.
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