Binance saves users $4.2 billion from scams in 2024
Binance Proof of Reserves system using zk-SNARK protocols
In 2024, Binance, the largest cryptocurrency exchange by user base and trading volume, took groundbreaking steps to enhance user security and trust.
By leveraging advanced safety measures, collaborating with law enforcement, and investing in compliance, Binance prevented a staggering $4.2 billion in potential losses due to scams and fraud, according to the Cryptopolitan.
Raising the Bar on Security and Compliance
Binance grew its internal compliance team to over 650 full-time professionals and secured 21 regulatory licenses globally, becoming the most regulated cryptocurrency exchange in the world. The company aligned its risk framework with international standards, further solidifying its reputation for security and reliability.
Through initiatives like the Binance Risk Sniper channel, users were alerted to unauthorized addresses and phishing links, leading to the removal of over 1,000 phishing posts early in the year. Additionally, Binance enhanced its Proof of Reserves system using zk-SNARK protocols, adding transparency to user asset management for 34 tokens.
Collaborating to Fight Cybercrime
Binance worked closely with global regulators and law enforcement, responding to over 64,800 inquiries and hosting 100 training events, including the Binance Law Enforcement Day, which brought together 1,300 investigators from 80 countries to combat cybercrime.
The Cybercrime Atlas, developed in collaboration with the World Economic Forum, was a key tool in dismantling digital crime networks.
Binance’s security efforts also resulted in the recovery of $88 million in stolen or misplaced user funds, demonstrating its commitment to safeguarding assets.
As cryptocurrency adoption grows, Binance’s comprehensive security measures and compliance framework set a high standard, making the exchange a leader in user protection and transparency in the crypto industry.
According to DefiLlama, Binance saw record success in 2024, with over $24 billion in user deposits. This surge was driven by a growing user base of 250 million and boosted by global crypto adoption and the launch of U.S. Bitcoin and Ethereum ETFs.
