- Binance used artificial intelligence and machine learning to prevent $129 million in fraud, blacklisting 47,000 suspicious addresses and freezing suspicious transactions in 2024.
- Binance recovered $9 million per month from fraud and sent 15,000 daily alerts, improving crypto security with proactive measures.
Binance has made great strides in preventing crypto fraud, demonstrating its commitment to protecting users through innovative technology and proactive methods. In 2024, the corporation applied artificial intelligence (AI) and machine learning capabilities to stem expected $129 million in losses caused by dishonest behavior.
Binance is making significant efforts to outsmart criminals and improve user security by blacklisting 47,000 suspicious wallet addresses and delivering more than 15,000 fraud alerts every day.
BINANCE BLOCKED $129M in NEXT LEVEL AI SCAMS
Binance made a big push in 2024, using AI and machine learning to stop $129 million worth of fraud.
They blacklisted 47,000 obscure addresses, returned $9 million a month, and sent 15,000 daily fraud alerts to protect users.
With 30,000+ alert calls… pic.twitter.com/rcXZAVHsbs
— Roundtable by Mario Nawfal (@RoundtableSpace) December 29, 2024
Binance: Proactive Measures to Raise Crypto Security
Furthermore, Binance uses preventive actions beyond blacklisting and warnings. The company put in place a complex mechanism that offers a 24-hour window for users to report possible fraud, which can freeze transactions deemed suspicious. This creative ability gave users a chance to get their money back before permanent damage was done.
Through more than 30,000 warning calls, Binance has also personally contacted its users in an effort to educate and protect them from emerging risks. These initiatives have resulted in $9.1 million in monthly recoveries, ensuring that victims of fraud receive prompt assistance and compensation.
Binance uses more than 50 machine learning models, continuously improving them with 14 significant upgrades during the year. These models, which show Binance’s flexibility in the rapidly changing digital terrain, have been key in spotting and reducing ever-changing dishonest strategies.
By staying ahead of scams, Binance sets new benchmarks for crypto security and stands as a pioneer in protecting users in the volatile crypto market.
Still, Binance’s regulatory difficulties always attract attention. CNF has drawn attention to a lawsuit filed against Binance Australia by the Australian Securities and Investments Commission (ASIC).
The lawsuit accuses the company of misclassifying more than 500 retail customers, denying them adequate consumer protections for derivatives. Binance paid $8.29 million to affected users in response. However, ASIC continues to seek additional fines to ensure greater compliance and support measures for investors.
