Cryptocurrency exchange Binance announced Friday that it recently launched a campaign to combat cryptocurrency-related scams in partnership with law enforcement agencies.
Noting “an alarming uptrend in both traditional and crypto-related scams,” Binance said it has been “engaging in discussions with law enforcement agencies worldwide about how to fight and prevent such crimes.” The crypto exchange detailed:
The campaign started in Hong Kong where Binance “worked with the local police force to build a targeted alert and crime prevention message that included helpful tips, examples of the most common scams, and relevant resources and contacts,” the announcement details.
The global cryptocurrency firm claimed that So far, the project has achieved tremendous results, noting that “In the first four weeks since its launch, approximately 20.4% of users had either reconsidered the withdrawal or reviewed whether the transaction carried the risk of scam.”
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
The crypto exchange’s existing anti-scam initiatives include general operational law enforcement assistance and the Global Law Enforcement Training Program that was announced last year.
crypto scam revenues dropped 46% in 2022. However, certain types of crypto scams are on the rise, including the alarmingly popular pig butchering scam which the U.S. Federal Bureau of Investigation (FBI) has repeatedly warned about.
Meanwhile, Binance and its affiliated platform Binance US, a separate entity, are currently being probed by U.S. senators about potentially illegal business practices.