Crypto Exchange Binance Joins Forces With Law Enforcement to Launch Anti-Scam Campaign

Binance has launched its Joint Anti-Scam Campaign in collaboration with law enforcement agencies worldwide to fight “an alarming uptrend” in crypto-related scams, the cryptocurrency exchange said. “So far, the project has achieved tremendous results,” Binance claimed.

Cryptocurrency exchange Binance announced Friday that it recently launched a campaign to combat cryptocurrency-related scams in partnership with law enforcement agencies.

Noting “an alarming uptrend in both traditional and crypto-related scams,” Binance said it has been “engaging in discussions with law enforcement agencies worldwide about how to fight and prevent such crimes.” The crypto exchange detailed:

We recently launched the Joint Anti-Scam Campaign in partnership with law enforcement agencies across the globe.

The campaign started in Hong Kong where Binance “worked with the local police force to build a targeted alert and crime prevention message that included helpful tips, examples of the most common scams, and relevant resources and contacts,” the announcement details.

The global cryptocurrency firm claimed that “So far, the project has achieved tremendous results,” noting that “In the first four weeks since its launch, approximately 20.4% of users had either reconsidered the withdrawal or reviewed whether the transaction carried the risk of scam.”

The Cyber Security and Technology Crime Bureau (CSTCB) for the Hong Kong Police Force was quoted by Binance as saying:

Hong Kong Police is putting an emphasis on effective crime prevention. Consequently, we joined forces with different stakeholders, including Binance, to deliver the key crime prevention advice to the relevant users.

Binance explained that it is now “looking to cooperate with law enforcement agencies in other regions” while promoting its other anti-scam initiatives, concluding:

The Joint Anti-Scam Campaign complements our existing anti-crime and crime prevention initiatives worldwide.

The crypto exchange’s existing anti-scam initiatives include general operational law enforcement assistance and the Global Law Enforcement Training Program that was announced last year.

Blockchain data analytics firm Chainalysis published a report last week stating that crypto scam revenues dropped 46% in 2022. However, certain types of crypto scams are on the rise, including the alarmingly popular pig butchering scam which the U.S. Federal Bureau of Investigation (FBI) has repeatedly warned about.

Meanwhile, Binance and its affiliated platform Binance US, a separate entity, are currently being probed by U.S. senators about “potentially illegal business practices.”

What do you think about Binance joining forces with law enforcement agencies on a campaign to combat crypto-related scams? Let us know in the comments section below.