#CryptoSecurity101 Security Update
1. Massive Fraud & Scam Prevention (2024–2025)
Binance prevented over $4.2 billion in potential user losses through advanced scam/fraud detection systems and froze or recovered $88 million from hacks and thefts .
Through its Anti‑Scam Refund Initiative, Binance recovered $9.1 million from scam victims, blacklisted 47,000 malicious addresses, and halted ~$129 million in potential losses .
2. Hot-to-Cold Wallet Transfers
On Binance Square, a security update showed the movement of 7,735.98 BTC (~$471 million) to cold storage—significantly reducing exposure to online hacks .
Controls & Monitoring
Upgraded surveillance for sub‑accounts, fund managers, etc., to detect fee/API misuse. Violators face account suspension .
Introduced a bug bounty and reporting reward program for spotting abuse, with a dedicated reporting email .
4. Stricter KYC & Regional Verification Enforcement
“Verified Plus” status is now needed for full functionality—deposit, trade, and withdrawal limits tied to KYC level .
Specific regions (e.g. UAE, Turkey) face additional mandatory identity verification, with access being restricted for non-compliance .
