In 2024, Binance took significant steps to protect users by preventing potential losses of $4.2 billion. The exchange became more reliable by collaborating with global regulators and law enforcement agencies.
Trust through Security and Compliance in 2024
In 2024, Binance made a great leap toward security and compliance by expanding its compliance team to over 650 full-time professionals and obtaining 21 worldwide regulatory licenses. This positioned Binance as the most regulated crypto exchange. The risk framework was aligned with strategic objectives and regulatory requirements, and the exchange engaged with law enforcement through Binance security projects.
Security and Transparency
Binance recovered $88 million lost, misplaced, or stolen from users, mostly through hacks and thefts from external platforms. Measures included the launch of the Cybercrime Atlas with the World Economic Forum and the Risk Sniper channel for alerting clients of unauthorized addresses. Binance also eliminated over 1,000 phishing posts at the start of 2024.
Technological Enhancements and Initiatives
Binance continued to develop its Proof of Reserves system using the latest protocols, including zk-SNARKs, supporting 34 tokens. These efforts helped build user trust in the platform and strengthened its market position.
In its effort to make the crypto world safer and more reliable, Binance strengthened its security and transparency system. This protected its 250 million users and increased trust in the entire industry.
