Binance announced that from January to July 2024, it safeguarded over 1.2 million users by preventing more than $2.4 billion in potential losses from scams and fraud through its advanced monitoring systems. The platform's AI-powered risk engine, combined with manual reviews, effectively identified and flagged suspicious activities.
According to Binance, the threat monitoring system features a robust risk engine that combines AI-based and manual reviews to conduct real-time transaction monitoring. This system enables the rapid detection and response to suspicious activities across all of Binance’s services, including peer-to-peer (P2P) trading, payments, and cryptocurrency withdrawals. A significant portion of these flagged activities occurs during crypto withdrawals, with over $1.1 billion in suspected scam-related transactions being prevented in 2024 alone.
Beyond transaction monitoring, Binance has implemented a variety of security measures designed to protect users from crypto scams, organized into eight levels based on risk severity. These measures range from customized notifications to cooldown features and appeal handling channels for at-risk users.
"Being user-focused has always been a key priority for us at Binance, which underlies our emphasis on building and maintaining industry-leading technological tools and processes that enable us to protect our users and their assets around the clock," said Rohit Wad, chief technology officer at Binance.
Binance operates as a major global blockchain platform, featuring the largest digital asset exchange by trading volume. The company offers a wide range of financial products and services and is known for its comprehensive ecosystem, which includes educational resources, research, charitable initiatives, and an NFT marketplace. Binance supports users around the clock in 40 languages and prioritizes security and regulatory compliance to protect its users and contribute to the growth of the blockchain industry. In 2022, the platform saw significant activity with an average daily trading volume of $65 billion and 300 billion spot transactions.
