Binance announced that it has prevented over $2.4 billion in losses from potential scams and fraudulent activities that could have impacted more than 1.2 million users from January to July 2024 owing to its risk management measures.
According to the official press release shared with CryptoPotato, Binance employs an internal risk engine that provides 24/7 real-time monitoring using a combination of artificial intelligence (AI) and manual reviews.
Binance’s Internal Risk Engine
This system enables the crypto exchange to accurately detect and address suspicious transactions promptly, protecting users across various sectors such as P2P trading, payments, and crypto network withdrawals. The risk engine integrates multiple layers of controls to manage and mitigate risk effectively. The report also stated that the most frequent flagging of suspicious activities occurs during the crypto withdrawal phase.
This year,…
