Binance has launched an Anti-Fraud Campaign in partnership with law enforcement agencies around the world to combat the “alarming trend” in crypto-related fraud.
“So far, the project has achieved great results,” Binance claims.
Cryptocurrency exchange Binance announced on Friday it had recently launched a campaign to fight cryptocurrency-related fraud in partnership with law enforcement agencies.
Noting the alarming upward trend in both traditional and crypto-related scams, Binance said it has engaged in discussions with law enforcement agencies around the world on how to combat and prevent such crimes. “We recently launched an Anti-Fraud Campaign in partnership with law enforcement agencies around the world,” writes Binance.
The campaign started in Hong Kong where Binance worked with local police to build targeted alerts and crime prevention messages that included helpful tips, examples of the most common scams, and relevant resources and contacts.
The global cryptocurrency company claims that so far, the project has achieved great results, in the first four weeks since its launch, about 20.4 percent of users have reconsidered withdrawals or reviewed whether the transaction carries a risk of fraud.
The Cyber Security and Technology Crime Bureau (CSTCB) for the Hong Kong Police was quoted by Binance as saying, Hong Kong police place emphasis on effective crime prevention.
“The Hong Kong Police place emphasis on effective crime prevention. As a result, we joined forces with different stakeholders, including Binance, to provide key crime prevention advice to relevant users,” said Binance.
Binance said it is now looking at working with law enforcement agencies in other regions. while promoting other anti-fraud initiatives, concludes: “The Anti-Fraud Campaign complements our existing anti-crime and crime prevention initiatives around the world,” he said.
Existing crypto exchange anti-fraud initiatives include general operational law enforcement assistance and the Global Law Enforcement Training Program announced last year.
Blockchain data analytics company Chainalysis published a report last week stating that crypto fraud revenue fell by 46 percent in 2022. However, several types of crypto scams are on the rise, including the very popular pig slaughter scam that the US Federal Bureau of Investigation (FBI) has repeatedly warned about. Meanwhile, Binance and its affiliate platform Binance US, a separate entity, are currently being investigated by US senators for potentially illegal business practices.
