• 23 July, 2024
Crypto Exchanges News

Binance Joins Hands with Law Enforcement to Fight Scams

Binance, one of the world’s largest cryptocurrency exchanges, has launched a Joint Anti-Scam Campaign in partnership with law enforcement agencies worldwide to prevent traditional and crypto-related scams. The firm stated that it has been working with law enforcement agencies to combat these crimes due to the recent upsurge in scams.

The campaign was launched in Hong Kong, where Binance collaborated with the local police force to develop targeted alerts and crime prevention messages. These messages include helpful tips, examples of common scams, and relevant resources and contacts. Users in Hong Kong receive these messages when they initiate a withdrawal on Binance.

Per the announcement, the Joint Anti-Scam Campaign has achieved impressive results in just four weeks since its launch. Approximately 20.4% of users had either reconsidered the withdrawal or reviewed the transaction’s risk of scam.

The Cyber Security and Technology Crime Bureau for the Hong Kong Police Force has also expressed their satisfaction with the campaign, noting that they have been putting an emphasis on effective crime prevention. The bureau believes that joining forces with different stakeholders, including Binance, can help deliver key crime prevention advice to relevant users.

Further, Binance added that it is also committed to expanding its anti-crime and crime prevention initiatives worldwide, including the Global Law Enforcement Training Program launched last year.

Expansion continues

Meanwhile, Binance has also added support for more African currencies, including the Liberian Dollar, Sierra Leonean Leone, Gambian Dalasi, Mauritanian Ouguiya, and Cape Verdean Escudo.

This move is part of Binance’s effort to expand its product offerings and bolster its African presence. Users in these regions can now make direct cryptocurrency transactions in their preferred payment method and local currency without a third party or intermediary.

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