Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
Crypto Exchange Binance Teams Up With Law Enforcement To Launch Anti-Fraud Campaign – Featured Bitcoin News
Binance has launched its Joint Anti-Scam Campaign in cooperation with law enforcement agencies worldwide to combat “an alarming uptrend” in crypto-related scams, the cryptocurrency exchange said. “So far, the project has achieved tremendous results,” claimed Binance.
Binance’s joint anti-fraud campaign
Cryptocurrency exchange Binance announced on Friday that it recently launched a campaign to combat cryptocurrency-related fraud in cooperation with law enforcement agencies.
Noting “an alarming rise in both traditional and crypto-related fraud,” Binance said it has “participated in discussions with law enforcement agencies worldwide on how to combat and prevent such crimes.” The crypto exchange described:
We recently launched the joint anti-fraud campaign in partnership with law enforcement agencies around the world.
The campaign started in Hong Kong where Binance “worked with the local police force to build a targeted warning and crime prevention message that included helpful tips, examples of the most common scams, and relevant resources and contacts,” the announcement details.
The global cryptocurrency firm claimed that “So far, the project has achieved tremendous results,” noting that “In the first four weeks since launch, approximately 20.4% of users had either reconsidered their withdrawal or assessed whether the transaction posed a risk of fraud. .”
The Cyber Security and Technology Crime Bureau (CSTCB) of the Hong Kong Police Force was quoted by Binance as saying:
The Hong Kong Police emphasizes effective crime prevention. Accordingly, we partnered with various stakeholders, including Binance, to deliver the most important crime prevention advice to the relevant users.
Binance explained that it is now “looking to work with law enforcement agencies in other regions” while promoting its other anti-fraud initiatives, concluding:
The joint anti-fraud campaign complements our existing anti-crime and crime prevention initiatives around the world.
The crypto exchange’s existing anti-fraud initiatives include general operational law enforcement assistance and the Global Law Enforcement Training Program announced last year.
Blockchain data analytics firm Chainalysis published a report last week stating that crypto fraud revenue will drop by 46% in 2022. However, certain types of crypto fraud are on the rise, including the alarmingly popular scam of the US Federal Bureau of Investigation (FBI). have repeatedly warned about.
Meanwhile, Binance and its associated platform Binance US, a separate entity, are currently being investigated by US senators for “potentially illegal business practices.”
What do you think about Binance teaming up with law enforcement agencies in a campaign to fight crypto-related fraud? Let us know in the comments section below.
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