Binance has launched a “joint anti-fraud campaign” with law enforcement agencies worldwide to combat the “alarming rising trend” of crypto-related fraud, the cryptocurrency exchange said.” So far, the project has achieved tremendous success,” Binance claimed.
Binance’s joint anti-scam campaign
Cryptocurrency exchange Binance announced on Friday that it recently launched a campaign against cryptocurrency-related scams in collaboration with law enforcement.
Binance noted that “both traditional and crypto-related scams are on an alarming upward trend” and said it is “in discussions with law enforcement agencies around the world on how to combat and prevent such crimes.” More on Crypto Exchanges.
We recently launched a “joint anti-scam campaign” in conjunction with law enforcement agencies around the world.
The campaign began in Hong Kong, where Binance “worked with local law enforcement to build targeted alerts and crime prevention messages, including helpful tips, examples of the most common scams, and relevant resources and contacts,” the announcement details.
The global cryptocurrency company claimed that “so far, the project has yielded tremendous results,” noting that “in the four weeks since its launch, approximately 20.4% of users have reconsidered withdrawals or reviewed whether their transactions involve fraud risk.”
The Cyber Security and Technology Crime Bureau (CSTCB) of the Hong Kong Police Department cited Binance’s comments.
The Hong Kong Police Department focuses on effective crime prevention. As a result, they are working with various stakeholders, including Binance, to deliver important crime prevention advice to relevant users.
Binance explains that it is currently “looking to work with other local law enforcement agencies” while promoting other anti-fraud initiatives, and concludes.
The joint anti-scam campaign will complement existing crime prevention and crime prevention efforts around the world.
Existing anti-fraud measures for crypto exchanges include general operational law enforcement support and the Global Law Enforcement Training Program announced last year.
Blockchain data analytics firm Chainalysis released a report last week that found crypto fraud revenues fell 46% in 2022. However, certain crypto scams appear to be on the rise, such as the surprisingly popular pig slaughter scams that the U.S. Federal Bureau of Investigation (FBI) has repeatedly warned about.
Meanwhile, Binance and its affiliated platform, Binance US, a separate legal entity, are currently under investigation by a U.S. Senator for “potentially illegal business practices.”
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