Binance says it can successfully prevent more than 20% of cryptocurrency fraud

Representatives of the largest cryptocurrency exchange Binance have announced the official launch of a campaign against crypto fraud after the successful testing of the program in Hong Kong. From now on, together with law enforcement agencies, Binance will collect information about crypto criminals and send warnings to potential victims of fraud.

According to Binance, the platform’s specialists have been working with the Hong Kong Police’s Technology Crime Unit to notify users of possible crimes aimed at stealing their cryptocurrency. As part of the pilot project, when users tried to transfer funds, they received notifications with information about common types of fraud and tips on how to avoid them.

After the successful launch of the pilot project, the platform’s representatives announced that they were ready to expand the campaign to other countries. The results of the test program showed that about 20.4% of users refused to make a transfer or began to additionally check transactions after receiving a notification from Binance.

It is worth noting that the world’s leading exchange regularly cooperates with law enforcement agencies to share important information and jointly investigate fraudulent schemes. Binance organizes seminars on crypto and blockchain technologies for law enforcement agencies in the United States, Europe, Canada, Brazil, Argentina, the Philippines, Singapore, and Sweden. «As a former officer, it is gratifying to see such a willingness to collaborate between the public and private sectors,» said Matthew Price Price, Binance’s head of intelligence, in November. «Cooperation and information sharing is the only way to combat illegal activity given the speed at which technology and criminals are evolving.»