Binance CEO Warns of Risks, Defends Platform’s Fight Against Crypto Fraud

Binance's CEO, Richard Teng, recently urged the crypto community to be more cautious with their investments, highlighting the importance of independent research.

While many in the community showed support for the reminder, others took the opportunity to criticize Binance. One user accused the platform of promoting risky and low-value memecoins to its massive user base.

In a separate post, Teng also shared Binance’s success in reducing illicit transactions on the platform. The company, in collaboration with other major players, managed to lower the proportion of illegal crypto transactions to a mere 0.14%.

Binance credited its proactive measures, including real-time monitoring and the recovery of stolen assets, for this achievement.

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Binance’s ongoing efforts in compliance were also in the spotlight. The platform invested significantly in building a robust compliance team, which helped secure over 20 regulatory approvals globally.

Additionally, Binance launched initiatives like the Risk Sniper channel on Binance Square to better protect users from scams and fraud. These actions resulted in the recovery of millions of dollars in stolen funds and the blacklisting of thousands of malicious wallets.

Alexander Stefanov