This news was published on Crypto News Land:
Binance has prevented $2.4 billion in fraud: CEO reveals new anti-fraud measures
Binance has avoided $2.4 billion in fraud through artificial intelligence (AI) and manual monitoring from January to July 2024, providing protection to 1.2 million users worldwide.
The company reported that 45% of the saved losses were made possible by the immediate identification and action on suspicious cryptocurrency withdrawals. This indicates that Binance is placing special emphasis on securing the withdrawal process.
Alongside this, Binance has introduced USD-margined VOXEL contracts, which provide 50x leverage, to offer investors more trading opportunities and flexibility.
Binance CEO Richard Tang stated in a recent update that the company achieved this success thanks to its advanced risk management and monitoring systems.
He said in his post on X (formerly Twitter):
"In the first seven months, Binance prevented potential user losses of $2.4 billion.
We quickly identified suspicious transactions and took immediate action by combining AI and manual checks to save users."