Following the Bybit hack, Binance is strengthening its focus on security and calls for the establishment of universal protection standards in the cryptocurrency industry.
Importance of Security in Crypto Space
In a recent live session, Binance CEO Richard Teng highlighted the importance of security in light of the Bybit hack that resulted in $1.4 billion losses, marking the biggest incident in crypto industry history. "I think safety and security cannot be emphasized more than now, especially with what happened last week to Bybit. So security is the top of mind," said Teng.
Binance's Role in Enhancing Security
Teng noted that Binance is the most regulated cryptocurrency exchange globally, with licenses in 22 jurisdictions. The company keeps emphasizing the importance of security compliance, having created the SAFU fund in 2018 to protect users from extreme situations, dedicating 10% of trading fees to the fund.
Binance Achievements and Plans
According to Binance MENA's Head, Bader Kalooti, security has always been a priority. The exchange uses a multi-layered security approach, including multi-factor authentication and AI-powered monitoring to detect threats. In 2024, it prevented potential user losses amounting to $1.2 billion.
Binance aspires to reinforce the security of the crypto industry in light of recent events by actively developing its protection system and advocating for the introduction of common security standards.
