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Binance Exchange, the world’s largest digital currency marketplace by trading platform has announced the launch of its Joint Anti-Scam Campaign.
Tagged as the next innovation in its bid to protect its customers, the trading firm said the initiative is starting in Hong Kong, a region known for its acceptance of crypto innovations. In its announcement, Binance highlights how crypto scams have evolved over the years. The exchange noted that while its systems are largely impenetrable based on its advanced security, users are more prone to losing their hard-earned assets owing to different forms of social engineering.
The digital currency ecosystem has witnessed a lot of damning cyber thefts over the past few years with the likes of Poly Network and Axie Infinity’s Ronin Bridge recording more than $600 million in exploits. Binance has played a key role in the ecosystem with direct involvement in identifying hackers and blocking attempts being made by the same to launder the funds through the trading platform.
The Joint Anti-Scam Campaign was designed to give additional awareness to the platform’s users in order to prevent unnecessarily sanctioning a fraudulent transaction. The exchange said it has built an alliance with local enforcement agencies in Hong Kong to release alerts that can help users properly profile the security safety of their transactions.
“We started in Hong Kong, where we worked with the local police force to build a targeted alert and crime prevention message that included helpful tips, examples of the most common scams, and relevant resources and contacts,” the exchange said, adding that, “This message is sent to users based in Hong Kong when they initiate a withdrawal on Binance.”
The alert system has helped at least 20.4% of its users to revise their transactions since the initiative has gone live.
Binance Stirring Collective Effort to Push Out Scams
Binance has more users and customers than any other digital currency trading platform and it is notably taking the lead in stirring a collective effort to push out scams. The anti-scam campaign that started in Hong Kong is bound to grow in other countries, especially in regions where Binance operates.
“Moving forward, we’re looking to cooperate with law enforcement agencies in other regions as we continue to promote our anti-scam program. The Joint Anti-Scam Campaign complements our existing anti-crime and crime prevention initiatives worldwide, including general operational law enforcement assistance and the Global Law Enforcement Training Program that was announced last year,” the Binance announcement reads.
The exchange said it will use the Hong Kong rollout to perfect the product as it has already made a significant improvement in the campaign based on feedback from its users. The exchange’s actions are billed to serve as a reference point that other key players can follow.