Binance Joins Global Regulators To Stop Crypto Scams, Supports Anti-Scam Campaign

Binance exchange officials have announced the launch of an anti-scam campaign that is aimed at fighting cryptocurrency crimes and scams.

The exchange confirmed on Friday that they have launched a campaign to ensure that they create as much enlightenment about crypto scams as possible.

The exchange is not doing this alone as it has multiple law enforcement authorities from around the world ready to help it in its efforts.

The law enforcement authorities have reportedly partnered with Binance in its efforts to fight off crimes and fraud involving cryptocurrencies.

Binance’s Concerns About Crypto Scams

The executives at Binance said that they have been recording a tremendous upsurge in cryptocurrency-related and traditional scams.

They want to deal with the situation very swiftly and all they want is for the investors to be aware of the risks and losses involved with such activities.

As per the exchange officials, they have engaged with multiple law enforcement authorities from around the world to address the matter.

They want to find a solution to this problem and are confident that they will find it very soon. They want to prevent cryptocurrency scams and are confident their combined efforts will come up with extremely positive outcomes.

Having a tremendous amount of knowledge and understanding of the online trading industry and scams, Binance is ready to offer its support.

The exchange is set to provide support to law enforcement authorities in understanding the crypto scams and ways to tackle them.

Commencement of the Campaign

According to the latest reports, the Binance exchange has launched the campaign in Hong Kong.

As communicated by the Binance officials, they have collaborated with the law enforcement authorities based in Hong Kong to ensure the campaign’s success.

They have also worked on the creation of crime prevention and targeted alert messages. The message also provides the authorities with access to tips and insights that are very useful and effective.

In addition to the above, the Binance exchange has tried its best to empower the authorities as much as possible with knowledge.

The campaign also includes the exchange offering authorities access to contacts, relevant resources, and the most common scam types.

The Campaign is a Success

The officials have communicated that their campaign is proving to be a huge success so far.  The results they have gathered from the campaign are very promising.

They now have an assurance that the authorities that have become part of the campaign have the kind of knowledge to deal with crypto scams and risks.

They are glad that their campaign has started bringing in results in the first four weeks of the campaign.

In the mentioned period, they have created enough awareness among the crypto users that they have started things very seriously.

The data shows that 20.4% of the users who were part of the campaign have either withdrawn their funds or have reviewed the details of the platforms.

They have made the decision of doing this because they considered the firms they were interacting with to be scammers or fraudulent.

From Hong Kong, the authorities that have participated in the campaign include the Hong Kong Police Force’s CSTCB. It is the bureau that is responsible for reviewing technology crime as well as cyber security crimes in Hong Kong.

Collaboration in Other Regions

The Binance officials have revealed that Hong Kong is not the only jurisdiction where they are aiming to bring awareness about crypto crimes.

They want to expand the campaign throughout the world and the important regions.

Crypto Scam Revenue is Declining

According to the latest data shared by Chainalysis, the revenues from the cryptocurrency scams have declined tremendously in the year 2022.

The report shows that they have declined by 46% in the past year. With the launch of Binance’s campaign, the revenues from the cryptocurrency scams may continue plunging.

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