Binance, the world’s largest cryptocurrency exchange, has recently strengthened its collaboration with the Hong Kong Police to combat cybercrime and enhance user security efforts. The exchange’s Chief Executive Officer, Richard Teng, met with Raymond Lam Cheuk Ho, the Chief Superintendent of the Cyber Security and Technology Crime Bureau of the Hong Kong Police.
During their meeting, the two officials discussed the importance of public-private partnerships in cybersecurity within the blockchain space and improving law enforcement capabilities. As the crypto space continues to grow, cyber threats and criminal tactics have also advanced.
Binance CEO stressed the exchange’s commitment to working with law enforcement to keep the virtual asset industry secure. He expressed the company’s dedication to continuing these efforts globally.
The Hong Kong Police acknowledged Binance for its support, presenting a letter of appreciation and a plaque. This is not the first time the exchange has received an accolade from the law enforcement. In December 2024, the exchange was commended by the security officials for its assistance in a money laundering case related to virtual assets.
Richard wrote on X that the award is proof of the company’s efforts in tackling crypto-related crime while simultaneously making justice available for everyone. He said:
“This recognition highlights our commitment to combating virtual asset-related crimes and upholding justice in our community.”
Binance’s AI-Powered Fraud Prevention Efforts
Binance recently revealed that it developed 50 machine learning models in 2024 to protect users from scams and updated them 14 times to keep up with new fraud tactics. It further shared that its AI system analyzes real-time data to detect potential risks before scams occur, while behavioral profiling helps differentiate normal user activity from suspicious behavior.
Through these tools, the exchange noted that it was able to recover $9.1 million for scam victims and blacklist 47,000 malicious addresses. Binance added that 2.8 million people worldwide were protected from potential losses exceeding $4.2 billion through its scam prevention and user education initiatives.
Exchange Growth and Industry Recognition
The exchange continues to hold its position as the largest crypto exchange, boasting the highest trading volume, surpassing $100 trillion. Its user base has also climbed to 245 million. Additionally, it manages $150 billion in assets.
Binance was also recently awarded the title of “Best Crypto App” at the Sensor Tower APAC Awards 2024, adding to its series of recognitions.
On February 17, the exchange’s founder Changpeng Zhao (CZ) dismissed rumors that Binance was up for sale. He noted that top investors have always shown interest in the company and hinted at the possibility of allowing investments in the single-digit percentage range.
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2025-02-20 15:39