Binance Saves Users $2.4 Billion in 2024

Binance, the world’s largest crypto exchange, has just announced some impressive news. Between January and July 2024, they managed to prevent over $2.4 billion in potential losses for their users, all thanks to their keen eye for spotting scams and fraudulent activities.

The tech behind this incredible feat is Binance’s internal risk engine, which works day and night to monitor transactions. It cleverly combines artificial intelligence with manual reviews to detect any suspicious activity right away. This means that users are being protected around the clock.

A significant portion of the prevented losses—about $1.1 billion—came from suspicious transactions during the crypto withdrawal stage. This accounts for nearly 45% of the total amount the company saved its users this year.

Rohit Wad, the Chief Technology Officer at Binance, shared how crucial it is for them to focus on users and their safety. “We’re committed to building top-notch technology that really helps protect our users’ assets,” he said.

Binance is not just about monitoring; they also implement a robust system with multiple layers of security. Although they work hard to ensure user safety, they encourage everyone to stay alert. “Users need to take charge of their own security,” Rohit stressed. “Stay informed, use strong security practices, and always be cautious of potential scams.”

This update comes shortly after another report mentioning that Binance secured over $73 million in misplaced or lost funds for external parties by the end of July. With ongoing innovations, Binance aims to bolster its security measures even further, ensuring that both their platform and the broader crypto environment remain safe for everyone.