Binance CEO Richard Teng Spotlights Milestone Amid Crypto Scam Woes

Binance CEO Richard Teng recently outlined how the exchange has prevented over $2.4 billion in losses from scams and frauds, impacting over 1.2 million users across the globe. These prevention efforts were aided by the platform’s risk management and monitoring systems from January to July 2024.

Binance CEO Richard Teng Spotlights Milestone

Binance CEO Richard Teng took to the X platform to share some of the most important milestones in protecting users’ assets. During his tenure at, the company has strengthened its system to combat crypto scam, a key rising issue. Teng also highlighted the combination of automated AI systems with manual intervention, which helps to monitor and identify suspicious activities in real-time.

Additionally, Binance CEO Richard Teng pointed out that most of the averted losses originated from monitoring at the crypto withdrawal level. This ensures that user transactions are protected and builds confidence for users on the exchange platform.

Advanced Security Framework

Binance’s risk management and real-time monitoring systems were pivotal in this success. The platform employs a sophisticated risk engine that combines artificial intelligence (AI) and manual reviews to scrutinize transactions around the clock. This hybrid approach allows detect and address suspicious activities swiftly.

Moreover, Binance CEO highlighted they were able to limit the losses through proper risk management and real-time monitoring systems, which contributed to such success. The platform has a risk engine that integrates artificial intelligence and manual review of transactions at all times. This approach combines the technical and the human aspects, enabling identification and handling of malicious activities effectively.

Another major accomplishment was avoiding losses during the crypto withdrawal step. Out of the $2.4 billion in avoided losses, more than $1.1 billion, or 45%, were linked to suspicious crypto withdrawals. This high percentage highlights the need to pay much attention to the withdrawal process, which is the most vulnerable to fraud. 

The platform’s system identifies such transactions, eliminating the threats before any financial damage. In addition, the platform’s risk management infrastructure includes multiple layers of controls, from AI-driven transaction monitoring to manual reviews and customizable alerts. 

Crypto Scam Leads To $238M Bitcoin Theft

Although Binance has been rather effective at tackling the problem of crypto scams, a recent incident saw the loss of $238 million in Bitcoin to hackers. The incident involved complex transactions across multiple platforms, highlighting the persistent challenges crypto exchanges face regarding security.

While the hack did not implicate Binance, it serves as a critical reminder of the ongoing risks in the crypto landscape. The exchange’s proactive security measures play a vital role in an environment where safeguarding assets against such threats is paramount.

The continuous improvement of these systems is essential for maintaining user confidence in the face of evolving threats.

In another move, Binance announced the introduction of USD-Margined perpetual contracts for VOXEL, enhancing its offerings in the futures market. The new contracts allow up to 50x leverage, giving traders greater flexibility and potential for high returns. 

The initiative is part of a broader strategy to diversify its trading options, catering to various investor preferences and risks.