Cryptocurrency exchange Binance announced on Tuesday that from January to July 2024, it prevented over $2.4 billion in potential losses from scams and fraudulent activities, protecting more than 1.2 million users globally.

Binance’s risk management system, which includes a hybrid of AI-based and manual reviews operating 24/7, was instrumental in detecting suspicious transactions, especially during the crypto withdrawal stage, the crypto exchange detailed, adding:

Out of the $2.4 billion in prevented losses recorded so far this year, withdrawals linked to suspected crypto scams make up over $1.1 billion, or approximately 45% of the total amount.

Rohit Wad, chief technology officer at Binance, highlighted the significance of this achievement, stating: “Preventing over $2.4 billion in potential losses over just seven months is a testament to our hard work and dedication over the years. We are glad that our efforts are helping to create a safer ecosystem for users, and we will continue to embrace our responsibility as an industry leader by regularly improving our systems and capabilities to stay ahead of potential threats.”

In addition to its technical defenses, Binance has implemented an eight-level risk management system designed to balance security and user experience. The company also offers multiple channels for users to appeal if they are flagged as at risk.

Despite these efforts, Binance stressed the importance of user vigilance. “We also urge our users to remain vigilant and take responsibility for their own security,” Rohit emphasized, noting:

While our team has implemented extensive measures to protect your funds, ultimately, users themselves play the largest role in safeguarding their assets. Stay informed, use strong security practices, and be cautious of potential scams.

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