As an industry leader with a unique, user-obsessed culture, Binance goes above and beyond to protect its users and further the security of the global blockchain ecosystem.
- Binance is the leading global blockchain ecosystem behind the largest cryptocurrency exchange in the world and leads by example when it comes to setting industry standards.
The strategy: Binance takes a multi-pronged approach to security, with protection of its users as the highest priority focus.
🚓 Binance collaborates with law enforcement and regulators around the world to detect and fend off bad actors from the Binance platform and the broader crypto ecosystem. Strengthening collaborative security is the best way to safeguard the rapidly evolving crypto space and make the crypto exchange a more secure venue for users and their investments.
An example: Binance’s Sanctions Investigations team worked with the Financial Monitoring Department under the National Bank of Tajikistan and TRM Labs, a blockchain intelligence company, to aid in an effort that led to the arrest of key members of the Islamic State – Khorasan Province (ISKP).
- The Binance team was pivotal in identifying, locating and sharing intelligence that helped enable the arrests.
In another case, Binance’s Financial Crime Compliance and Investigations team partnered with Dutch authorities to freeze millions of euros stolen in a major gambling platform exit scam.
- Binance’s anti-money laundering detection tools and analytics capabilities played a key role in detecting suspicious activity and helping law enforcement trace the suspect.
🔍 Here’s what else: The crypto exchange also plays an important role in supporting investigations and fund recovery in crypto ecosystem hacks, including DeFi scams like rug pulls.
- A rug pull, derived from the phrase “pulling the rug out from under,” typically occurs when a development team creates a new cryptocurrency and shuts it down very quickly, making off with investor funds.
Binance helped return about $345,000 worth of stolen crypto following a rug pull by an automated market maker (AMM), Wine Swap, in October 2022.
- The team was able to identify the victims, track down the perpetrator and recover 99.9% of the funds.
- The effort was another example of how Binance takes initiative to protect the interests of the greater crypto space to the best of its ability, even when such incidents occur outside of the Binance ecosystem.
Key numbers: In 2023, Binance’s specialized teams processed over 58,000 law enforcement requests with an average of three days response time, which is faster than any traditional financial institution.
- During that time, Binance served some 13,000 registered officials worldwide through its Government Law Enforcement Request System.
The crypto exchange also created the industry’s first Global Law Enforcement Training Program, which helps law enforcement and prosecutors detect financial and cybercrimes.
- The training includes common blockchain concepts and highlights Binance’s anti-money laundering (AML) and investigative methods.
💻 Plus, plus, plus: Binance’s cutting-edge technology solutions, like AI-powered detection tools, aid in user protection on its peer-to-peer (P2P) platform.
- The crypto exchange employs advanced large language models (LLMs) to monitor transactions for signs of fraudulent behavior on Binance P2P and assist in resolving user appeals. This helps ensure a more secure user experience.
- Binance also utilizes AI-based computer vision (CV) to help assess proof of payments as an added layer of security against fraudulent activity.
The takeaway: Binance is continuously going above and beyond the industry standard to raise the bar for user security, and it’s creating real impact.
- Crypto crime is on a downward trend thanks to increased industry-wide security and compliance efforts with Binance at the forefront.
