Binance Australia has identified a group of people consisting the old, the disabled, and those living in isolated parts as attackable by crypto vermin on its Exchange. And as a result will be putting in place measures to ensure these people are safe.
Binance Australia has concluded that it will ensure its users do not fall victim to crypto crimes. Due to the increasing rate of crypto crime and the obliviousness of some users to the atrocities.
Binance Develops Measures To Protect Users
In the Economic Social and Governance (ESG) quarterly report for June, released on August twenty-nine, Binance noted the measures they plan to execute. It says that the company was developing a strict, user-concentrated experience to aid perpetual targets of cryptocurrency exploitation and prevent the awful recurrence of such criminal acts.
The CEO of Binance Australia, Leigh Travers, and a member of the company’s Financial Crime, Risk and Compliance Unit, Zachary Lu, mentioned in a conversation with Cointelegraph that the Exchange is earnestly working on building a fortification around susceptible users, starting from the moment they join the platform. Lu noted that the situation was from the financial management end and the overall life circle angle.
Furthermore, Lu stated three areas the company seeks to protect its users. These include the onboarding process, the continuing period, and the final phase of the cycle. He highlighted the census of folks who often fall in the category of vulnerability to the old, the disabled, and those living in isolated areas.
For this reason, they are collaborating with governments and research units to rescind future repetition of these hideous acts against humanity.
Both men identified one of their prospective targets as individuals who organize investment scams. They noted that some individuals online persuade others to partake in investments by promising an obscene amount of ROI. After collecting these naïve investors’ funds, then they take the money and skedaddle.
Crypto Scams on Binance Network
Scamwatch reported that, within the first half of 2021, a valuation of $25 million was lost to fake investment platforms. And this is a common type of scam ongoing in Australia at the moment.
Lu included that out of the five hundred various ways of duping, investment scams top the list. Although, it is not limited to crypto alone.
A procedure identified by Binance to detect fraudulent activities on its Exchange is via imbibing the Know Your Customer (KYC) quiz. Through this quiz, they can fish out swindlers signing up under a false name and restrict their access to the platform. Another vantage point it positions them is where they can recognize individuals under the influence of fabulists.
Leigh Travers additionally chipped in with a notification that susceptible users usually get attacked by scammers within the first seven days of joining Binance.
Therefore, starting from September 1, Binance Australia will implement a new and strict identification process for new users. The new members will be requested to supply their driver’s license and number instantly. Imputing this strategy will aid Binance to identify potential threats.