Binance CEO Richard Teng addressed the global crypto community, issuing a key reminder and a warning about crypto investment.
Teng reminded his X audience about the importance of DYOR — a popular acronym within the crypto space that stands for “do your own research.”
The community demonstrated a mixed response to that warning — while many responded eagerly with a wave of enthusiasm, some posted negative replies, pouring criticism on Binance as a trading platform.
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Instead of posting this advice publicly send it to your listing team
Your 300 million users do not have time to do deep diligence on every coin you list but your listing team does
Please stop listing low cap scammy insider controlled memecoins with no community
An X user accused Binance of listing “low cap scammy insider controlled memecoins” and touting them to 300 million users of the platform.
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Binance helps reduce illicit crypto transactions
Earlier this week, the Binance boss shared a link to a Binance blog article that boasted the platform’s recent success in helping to fight illicit crypto transactions, helping to protect their customers.
According to that article, Chainalysis data revealed that last year the number of illegal crypto transaction volume was successfully brought down to just 0.14% thanks to mutual efforts of large crypto space players, including Binance.
To achieve this impressive result, Binance took to such steps as proactive prevention, managing risks in real-time and active recovery of coins stolen from users. The blog post proudly stated that while the Binance market capitalization, funds inflow and the user base showed a tremendous surge, illicit transactions on the platform did not increase significantly.
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Recovering millions of stolen crypto and blacklisting criminal wallets
As part of fighting crypto crime, Binance invested several hundred million dollars in compliance programs and hired a team of 650 experts in the sphere of compliance. That team succeeded in securing more than 20 regulatory permissions around the world, surpassing all other crypto-oriented platforms in this sphere last year.
Another important step in fighting scam and frauds targeted at its users was taken by Binance when it launched the Risk Sniper channel on the Binance Square platform launched by CZ when he was still at the steering wheel. That handle made regular publications about high-risk wallets and links and published real-time alerts.
As a cumulative result of these actions, Binance has managed to recover a massive $9.1 million of funds stolen from its users and also blacklisted 47,000 malicious wallets.
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