Binance has launched its Joint Anti-Scam Campaign in collaboration with law enforcement agencies around the world to fight “an alarming uptrend” in cryptocurrency-related scams, the cryptocurrency exchange said. “So far, the project has achieved tremendous results,” Binance stated.
Joint campaign against Binance scams
Cryptocurrency exchange Binance announced Friday that it recently launched a campaign to combat cryptocurrency-related scams in partnership with law enforcement agencies.
Noting “an alarming uptrend in both traditional and crypto-related scams,” Binance said it has been “engaging in discussions with law enforcement agencies around the world on how to combat and prevent such crimes.” . The detailed crypto exchange:
We recently launched the Joint Anti-Scam Campaign in partnership with law enforcement around the world.
The campaign began in Hong Kong, where Binance “worked with local police to create a targeted alert and crime prevention message that included helpful tips, examples of common scams, and relevant resources and contacts,” the announcement details.
The global cryptocurrency firm stated that “So far, the project has achieved tremendous results,” noting that “In the first four weeks since its launch, approximately 20.4% of users reconsidered withdrawing or reviewed whether the transaction involved the risk of fraud. .”
Binance quoted the Cyber Security and Technology Crime Bureau (CSTCB) of the Hong Kong Police Force as saying:
The Hong Kong police are placing emphasis on effective crime prevention. Accordingly, we join forces with different stakeholders, including Binance, to provide key crime prevention tips to relevant users.
Binance explained that it is now “seeking to cooperate with law enforcement agencies in other regions” while furthering its other anti-scam initiatives, concluding:
The Joint Anti-Scam Campaign complements our existing anti-crime and crime prevention initiatives around the world.
Existing anti-scam initiatives on the cryptocurrency exchange include general operational law enforcement assistance and the Global Law Enforcement Training Program that was announced last year.
Data analytics firm Blockchain Chainalysis released a report last week indicating that revenue from cryptocurrency scams fell 46% in 2022. However, certain types of cryptocurrency scams are on the rise, including the pig slaughter scam. alarmingly popular that the US Federal Bureau of Investigation (FBI) has repeatedly warned about.
Meanwhile, Binance and its affiliated platform Binance US, a separate entity, are being investigated by US senators over “potentially illegal business practices.”
What do you think of Binance joining forces with law enforcement agencies in a campaign to combat crypto-related scams? Let us know in the comments section.
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