Binance’s Progress in Combating Crypto Crime

Binance chief executive officer Richard Teng recently shared insights on the platform’s community efforts to reduce crime in the cryptocurrency space.

In a post on X (formerly Twitter), Teng linked to a Binance article highlighting the platform’s achievements. He emphasized that last year, Binance helped prevent over $4 billion in potential losses related to crypto crime, presenting a vision of a safer cryptocurrency environment for everyone.

> Safer crypto for everyone!
> In 2024, illicit crypto transactions fell to just 0.14% of total volume, driven by industry efforts. #Binance alone helped prevent $4.2B in potential losses through proactive security measures.
> Read more ⤵️https://t.co/ChCRTuz619
> — Richard Teng (@_RichardTeng) February 20, 2025

Binance’s Winning Streak Against Crypto Crime

According to a recent Chainalysis report, overall illegal cryptocurrency transactions plummeted to just 0.14% in 2024, thanks in large part to Binance’s interventions. The platform’s proactive prevention strategies, recovery of stolen assets, and real-time risk management played crucial roles in safeguarding users against losses exceeding $4.2 billion last year.

Interestingly, despite a surge in Binance’s user base, funds inflows, and its market capitalization, criminal transfers did not increase on the exchange.

Recovering Stolen Funds

In 2024, Binance substantially invested in compliance programs, allocating hundreds of millions of dollars. The compliance team, consisting of 650 professionals, secured 21 regulatory licenses globally—more than any other crypto trading platform.

Additionally, Binance launched the Risk Sniper channel on Binance Square to provide real-time alerts about risky wallets and links, functioning both as an alert system and an educational resource against scams.

As a result, Binance recovered $9.1 million in funds for scam victims and blacklisted 47,000 malicious addresses.

The platform pledges to enhance its security and fraud prevention systems through advanced technologies and global partnerships, aiming to uphold its high standards for user protection.