Binance Floats New Update Against Crypto Scams – Cryptopolitan

Binance has announced that it wants to enter into several partnerships with law enforcement agencies to campaign against crypto fraud. According to a post from the stock exchange on March 3, the campaign will help reduce the number of frauds innocent traders fall for. In the details, the company said it would send trigger warnings to customers to help them avoid these risks.

Binance says it will team up with security agencies

According to Binance, the program has garnered so much success since it was launched in Hong Kong. The company now wants to expand its success to other countries around the world. In its detailed blog post, Binance explained that the project was successful in Hong Kong because it was able to merge with the right agencies. Apart from a tech crime agency, the company also enlisted the help of the cyber security arm of the Hong Kong police to achieve its goals.

Binance noted that it is working hand-in-hand with these agencies to build an alert that will pop up every time users try to make transactions. Users were also alerted upon withdrawal to ensure they understood how to avoid being scammed. The company also sent users tips every interval about steps to ensure their accounts and wallets are protected from these scammers.

Crypto scams register an increase since February

Binance also said it was investigating how users reacted to the pop-up warning information. The company discovered that more than 20% of users were interested in these tips, most choosing to read their guidelines before making transactions. The question provides users with up-to-date statistics on the crypto fraud committed, with users allowed to verify the statistics on a list of sites sanctioned by Binance. The query also sounded like a warning that the company has always told users it will never call them for any reason.

With Binance registering a high level of success in Hong Kong, it is convinced that if a partnership with agencies in other countries is established, it will help traders in these countries to reduce the risks associated with crypto trading. Crypto users have been falling for phishing scams since the beginning of the year. Hackers were believed to have created an ETH-based event where users were asked to donate money for a future reward. According to the details of the scheme, the fraudsters stole more than $300,000 in crypto during the process. In addition, an NFT-based scam also saw a trader lose around 300,000 after he was tricked into interacting with a fake website for the same project.