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Binance has announced measures to safeguard 1.2 million users, preventing $2.4 billion in potential losses from scams and fraud in 2024 through advanced monitoring.
According to a press release by Binance, the platform's AI-powered risk engine, combined with manual reviews, effectively identified and flagged suspicious activities. Binance's threat monitoring system features a robust risk engine that combines AI-based and manual reviews to conduct real-time transaction monitoring. This system enables the rapid detection and response to suspicious activities across all of Binance’s services, including peer-to-peer (P2P) trading, payments, and crypto withdrawals. A significant portion of these flagged activities occurs during crypto withdrawals, with over $1.1 billion in suspected scam-related transactions being prevented in 2024 alone.
Beyond transaction monitoring, Binance has implemented a variety of security measures designed to protect users from crypto scams, organized into eight levels based on risk severity. These measures range from customized notifications to cooldown features and appeal handling channels for at-risk users.
