- Binance has launched a joint anti-scam campaign with law enforcement agencies around the world.
- The exchange carried out an initial pilot phase of the program in Hong Kong in collaboration with the local police force.
- The exchange will continue to cooperate with law enforcement agencies and provide necessary resources and training needed to help prevent crypto-based crimes and scams.
Binance Launches Anti-Scam Campaign
Binance has announced a joint anti-scam campaign with law enforcement agencies around the world. The goal of this project is to protect users from financial scams in the crypto space, which can arise from social engineering tactics used by scammers. The exchange conducted an initial pilot phase of the program in Hong Kong in collaboration with the local police force.
Initial Pilot Phase
In order to tackle potential scams, Binance leveraged law enforcement resources to supplement a warning message that goes out to users before they withdraw funds or conduct transactions. This message warns them of potential scams and offers resources for identifying and reporting scammers. After one month since its launch, it was found that roughly 20% of users either reconsidered transactions after seeing this message or chose to review further before conducting them.
Binance plans on rolling out this program to more jurisdictions in the coming months by establishing partnerships with local police and government agencies for necessary resources. Furthermore, they are planning on providing support and training needed to effectively combat crypto-based crimes and scams. Lastly, they have also set up a portal where law enforcement agencies can submit case requests if needed.