The partnership with the Hong Kong Police Force began with a trial run.

Law enforcement authorities throughout the world would collaborate on the effort.

Binance has announced that it would be working with law authorities on a new Anti-Scam initiative. The crypto exchange platform released a statement announcing the cooperation, which will see the newly created cyber security measures roll out worldwide.

According to the press release, the partnership with the Hong Kong Police Force began with a trial run.  Along with law enforcement, the exchange “build a targeted alert and crime prevention message that included helpful tips, examples of the most common scams, and relevant resources and contacts.”

The biggest cryptocurrency exchange by trading volume has added another layer of protection for its global user base. Binance has issued a statement today announcing that they would be working with many law enforcement agencies on a Combined Anti-Scam effort.

Effective Strategy For Countering Dangers

According to the announcement, law enforcement authorities throughout the world would collaborate on the effort. After a successful trial run in Hong Kong. In addition, the pilot study’s findings were reported in the statement. As a result, about 20.4% of users have either reassessed the withdrawal or examined if the transaction included the danger of fraud, the report says.

In the future, the exchange stated that they are eager to work with law enforcement authorities in additional locations. It should also be mentioned that the anti-crime, and crime prevention measures globally of the exchange are bolstered by the Join Anti-Scam programme, as are the exchange’s law enforcement aid action and Global Law Enforcement Training Program.

The rise in cybercrime has undeniably acted as a drag on the development of the digital asset market. Yet, Binance’s ongoing collaboration with conventional law enforcement is an effective strategy for countering this danger.

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Filed under: Bitcoin - @ March 4, 2023 12:43 pm