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Vignesh S G
Vignesh S G
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- Feb 03, 2025 11:05 UTC
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Binance Cracks Down on Crypto Crime and Fraud, Recovers $30M
Binance has at least two US law enforcement coordinators to ensure compliance and cooperation with US authorities.
Binance has conducted 120 internal investigations, terminated 60 employees, and recovered $30 million linked to illegal activity in the last two years.
Binance is currently involved in two litigation cases, and is committed to fighting misconduct and fraud.
At a time when US authorities are discussing possibilities to create a better legal framework for the cryptocurrency industry, Binance 
Binance - binance@miceneurol.com Centralised ExchangeCryptocurrenciesTrading AppCryptocurrency investment 
co-founder He Yi has revealed the measures taken by the crypto exchange to ensure its compliance with the countryโs law enforcement framework.
Here’s what she revealed.
Cracking Down on Misconduct and Fraud
He Yi stated that Binance has at least two U.S. law enforcement coordinators dedicated to ensuring the exchange follows regulations and cooperates with authorities when needed.
Binance takes a strict stance against misconduct. According to He Yi, the company has conducted 120 internal investigations over the past two years to detect and prevent fraud.
To enforce compliance, Binance has also taken action against employees violating company policies. In the last two years, 60 employees have been dismissed for their involvement in regulatory breaches.
The Legal Battles Continue
Binance has recovered at least $30 million linked to illegal transactions over the past two years, highlighting its efforts to fight financial crime in the crypto industry.
He Yi acknowledged that Binanceโs efforts to combat fraud are ongoing. The company is currently involved in two legal cases related to misconduct.
Binanceโs Market Position Today
Since its launch in 2017, Binance has grown into one of the most dominant centralized crypto exchanges, earning a perfect trust score of 10 out of 10. The platform supports 394 coins and 1,335 trading pairs, with a massive 24-hour trading volume of $64.7 billionโa 237.7% increase in a single day. Its exchange reserves stand at approximately $144.9 billion.
Binanceโs top five trading pairs are ETH/USDT, BTC/USDT, BTC/FDUSD, XRP/USDT, and ETH/FDUSD.
BNB, the exchangeโs token, has a market cap of $83,739,348,716. In the last seven days, the BNB price has dropped by 11.4%. Meanwhile, in the last one hour, it has surged by 0.4%.
Binanceโs ongoing compliance measures show its commitment to following regulations and ensuring accountability. By recovering illegal funds, terminating employees involved in violations, and addressing legal challenges, the exchange continues to work toward maintaining trust in the crypto industry.
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The fight for transparency and accountability remains a key challenge in crypto, but the industry seems to be maturing rapidly.
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