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Binance has launched its Joint Anti-Scam Campaign in collaboration with law enforcement agencies worldwide to fight \u201can alarming uptrend\u201d in crypto-related scams, the cryptocurrency exchange said. \u201cSo far, the project has achieved tremendous results,\u201d Binance claimed.<\/strong><\/p>\n Cryptocurrency exchange Binance announced Friday that it recently launched a campaign to combat cryptocurrency-related scams in partnership with law enforcement agencies.<\/p>\n Noting \u201can alarming uptrend in both traditional and crypto-related scams,\u201d Binance said it has been \u201cengaging in discussions with law enforcement agencies worldwide about how to fight and prevent such crimes.\u201d The crypto exchange detailed:<\/p>\n We recently launched the Joint Anti-Scam Campaign in partnership with law enforcement agencies across the globe.<\/p>\n<\/blockquote>\n The campaign started in Hong Kong where Binance \u201cworked with the local police force to build a targeted alert and crime prevention message that included helpful tips, examples of the most common scams, and relevant resources and contacts,\u201d the announcement details.<\/p>\n The global cryptocurrency firm claimed that \u201cSo far, the project has achieved tremendous results,\u201d noting that \u201cIn the first four weeks since its launch, approximately 20.4% of users had either reconsidered the withdrawal or reviewed whether the transaction carried the risk of scam.\u201d<\/p>\n The Cyber Security and Technology Crime Bureau (CSTCB) for the Hong Kong Police Force was quoted by Binance as saying:<\/p>\n Hong Kong Police is putting an emphasis on effective crime prevention. Consequently, we joined forces with different stakeholders, including Binance, to deliver the key crime prevention advice to the relevant users.<\/p>\n<\/blockquote>\n Binance explained that it is now \u201clooking to cooperate with law enforcement agencies in other regions\u201d while promoting its other anti-scam initiatives, concluding:<\/p>\n The Joint Anti-Scam Campaign complements our existing anti-crime and crime prevention initiatives worldwide.<\/p>\n<\/blockquote>\n The crypto exchange\u2019s existing anti-scam initiatives include general operational law enforcement assistance and the Global Law Enforcement Training Program that was announced last year.<\/p>\n Blockchain data analytics firm Chainalysis published a report last week stating that crypto scam revenues dropped<\/a> 46% in 2022. However, certain types of crypto scams are on the rise, including the alarmingly popular pig butchering scam which the U.S. Federal Bureau of Investigation (FBI) has repeatedly warned<\/a> about.<\/p>\n Meanwhile, Binance and its affiliated platform Binance US, a separate entity, are currently being probed<\/a> by U.S. senators about \u201cpotentially illegal business practices.\u201d<\/p>\nBinance\u2019s Joint Anti-Scam Campaign<\/h2>\n
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