News View Non-AMP

Here’s How Binance Blocked $2.4 Billion in Crypto Fraud

Published by
Elena R

As the global community prepares to celebrate Halloween, Binance is committed to fighting internet fraud on its platform. In a recent blog post, the exchange revealed that since the beginning of 2024, it has blocked over $2.4 billion in potential fraud through its strong security measures. This achievement underscores Binance’s dedication to the safety and security of its users.

But how exactly has Binance managed to achieve such remarkable success? Read on to discover the powerful arsenal of tools and strategies.

A Multilayered Approach to Security

Binance uses a multi-layered strategy that adapts based on the level of threat. This includes proactive user notifications to warn individuals about potential scams, a risk-rating system that identifies users at risk of fraud, and a database of malicious addresses that prevents transactions to or from unsafe wallets.

Additionally, Binance suspends operations involving Ponzi schemes and has self-cooling mechanisms in place to prevent users from making hasty withdrawals.

Collaboration with Law Enforcement

Binance works closely with law enforcement to trace criminal funds and recover stolen assets. Its legal and compliance teams are actively involved in the global fight against cybercrime, positioning the exchange as a key player in the battle against crypto-related fraud.

Spreading Awareness, Leveraging Human Insight

Beyond technology, Binance is dedicated to educating its users through blogs and courses. By raising awareness about common scams like phishing and Ponzi schemes, Binance empowers individuals to stay alert and secure.

In a world where financial crime is always changing, Binance combines advanced technology with human oversight to create a strong security model. This layered approach enhances the platform’s safety, providing a secure environment for crypto trading.

The battle against crypto fraud is ongoing. What strategies do you think Binance should implement next?

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Recent Posts

Top Crypto to Buy Before the Bull Market Returns? This Altcoin Is Now Ranked Alongside Cardano (ADA) by Traders

Cardano (ADA) has built its reputation through a disciplined, methodical rise fueled by a clear…

July 28, 2025

Fact Check: Is Binance Listing Pi Network on August 15?

The Pi Network community is once again flooded with rumors. This time, it's all about…

July 28, 2025

Ethereum Price Eyes $4 – Liquidation Risks Loom

Ethereum is turning heads once again, and this time it is because the price has…

July 28, 2025

Key US Economic Events This Week: What They Mean for Bitcoin and Altcoins

The US economy and the cryptocurrency market are closely connected. Therefore, for crypto traders, it…

July 28, 2025

French Firm Capital B Adds 58 Bitcoin to Its Treasury

Capital B, formerly known as The Blockchain Group, has confirmed the purchase of 58 Bitcoin…

July 28, 2025

Tokyo Beast: Cyberpunk Blockchain RPG to Shut Down in August

Tokyo Beast, a cyberpunk blockchain RPG on Immutable zkEVM, will close on August 24th, just…

July 28, 2025