Binance Develops Anti-Scam System in Hong Kong

The world’s leading crypto exchange, Binance, announced launching a campaign to prevent scams by sending alerts to vulnerable and targeted users to make the Binance community safer.

In cooperation with law enforcement agencies, Binance rolled out first its campaign, named the “Joint Anti-Scam Campaign” in Hong Kong, with expectations to expand it in more parts of the world, according to Cointelegraph.

The prominent crypto exchange teamed up with the Hong Police Force’s Cyber Security and Technology Crime Bureau to develop a system that sends an alert and crime prevention message to the targeted residents in Hong Kong.

As a part of the campaign, the users, who make withdrawals, will receive information about common scams and tips on how to avoid scams as a kind of warning. Binance investigated customers’ responses to the messages over four weeks. It found that about 20.4% of users decided not to make withdrawals before an investigation to determine whether the transaction might be a scam.

The warning includes statistics on the number of scams that occurred in Hong Kong in 2001 and recommended resources such as Scameter, Cyber Defender and Binance Verify, and the Anti-Deception Coordination Center. Binance considers its new project a success and plans to expand it outside Hong Kong in cooperation with policing bodies.

Recently, Binance is trying to be closer to its community to gain their loyalties. It launched a new feature through which its users can provide the company with feedback and comments in a long-lasting and dynamic way.

Binance’s users can even provide suggestions and ideas for product improvements, as this new tool comes as a part of a multi-phase project to enable the leading exchange to take part in its product roadmap. Binance’s main goal for this feature is to gather its community to suggest new features that it wants to see implemented on the exchange.