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LIVE UPDATES • Binance Suspicious Transactions Detected With $2.4 Billion in Crypto Scams • Nigerian Crypto Transactions Get a Big Boost With Government Backing • Massive Simon’s Cat Airdrop to Pounce on FLOKI Holders via Binance • Flipster Announces Collaboration with Tether • Starknet Will Launch Exciting STRK Staking in October! • Paybis Celebrates 10 Years of Service • QCP Capital Warns: Crypto Faces Threats from Stock Market Volatility! • Base ENS Subnames Set the Stage for Fair Dutch Auction Launch • Apple and Circle’s Partnership Could Unlock a $15.7 Trillion Opportunity for Ethereum • 5 Budget-Friendly Cryptocurrencies to Invest in for 2024 Gains

News Binance Suspicious Transactions Detected With $2.4 Billion in Crypto Scams 1 min - Around 2 mins mins to read

Key Points:

Binance prevented over $2.4 billion in potential scam and fraud losses from January to July 2024, protecting 1.2 million users globally.

The security system allows the detection and response to Binance suspicious transactions, particularly in crypto withdrawals.

Binance also recovered $73 million in lost funds from external parties.

Binance, the world’s leading cryptocurrency exchange, prevented more than $2.4 billion worth of potential losses from fraud and scams from January to July 2024.

Read more: SEC Binance Lawsuit Gets Court Approval to Proceed

Binance Suspicious Transactions Detected by Exchange Security System

The exchange’s proactive security measure saved over 1.2 million global users. The security system will let the system identify and act on Binance suspicious transactions much faster across different platforms such as peer-to-peer trading, payment, and crypto withdrawals.

Of the prevented losses, approximately $1.1 billion was associated with withdrawals pegged to Binance suspicious transactions. Quite often, this is the stage at which criminals are trying to siphon funds away from Binance’s secure environment.

Read more: Binance CEO Richard Teng Sees Potential Growth of the Crypto Industry in 2024

Binance Recovered $73 Million in Lost Crypto Funds

Beyond detection, the platform incorporates a range of protective measures based on individual risk factors. These include custom notifications, cooldown periods, and numerous appeal channels to help out the users that are potentially at risk. All of these are carefully designed to balance user experience with security in order to ensure a secure trading environment.

Furthermore, the security measures applied at Binance go beyond its platform. As of the end of July 2024, Binance had recovered over $73 million in misplaced or otherwise lost funds for third-party external parties alone.

Binance Binance Suspicious Transactions crypto scam P2P

Author Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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Binance Suspicious Transactions Detected With $2.4 Billion in Crypto Scams