Binance Launches Anti-Scam Initiative With Law Enforcement Agencies
- Binance carried out the initial pilot phase of the campaign in collaboration with law enforcement agents in Hong Kong.
- The crypto exchange intends to expand the campaign to more jurisdictions in the coming months.
Following a remarkable increase in the rate of cryptocurrency scams, crypto exchange Binance has launched an anti-scam campaign in partnership with law enforcement agencies. Binance said the new campaign will help fight and prevent financial crimes around the world.
Scammers have notably employed new techniques in defrauding their victims, including the use of social media sites. However, the Binance Joint Anti-Scam Campaign will partner with local authorities to protect crypto users and help them identify scams.
“Ensuring the security of our ecosystem and protecting the Binance community is at the core of what we do. We believe this healthy approach is the only way forward for crypto,” Binance wrote in a blog post.
Binance partnered with law enforcement agents in Hong Kong for the initial pilot phase of the campaign. The crypto exchange said it utilized the resources of law enforcement agents to supplement a warning message sent to users before they make transactions or withdraw funds.
The message warns users of possible scams and helps them identify and report the scammers. Binance said the campaign enjoyed huge success in Hong Kong as it helped some users reconsider their transactions after receiving the warning message.
Reacting to the impact of the campaign, the Cyber Security and Technology Crime Bureau for the Hong Kong Police Force said,
Hong Kong Police is putting an emphasis on effective crime prevention. Consequently, we joined forces with different stakeholders, including Binance, to deliver the key crime prevention advice to the relevant users.
Following the success in Hong Kong, Binance revealed that it will expand the anti-scam campaign to more jurisdictions in the near future. The crypto exchange also noted that it is working to build partnerships with law enforcement and government organizations to secure the necessary resources.
The anti-scam initiative is one of the many crime prevention ventures backed by Binance. Binance has announced a number of initiatives, including the Global Law Enforcement Training Program.
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