Binance’s efforts to combat illicit activity in the crypto space have delivered record-breaking results, with illicit transactions dropping to just 0.14% of total crypto activity in 2024, according to Chainalysis. Through AI-powered risk detection, real-time fraud prevention, and global law enforcement partnerships, Binance safeguarded users from $4.2 billion in potential losses and played a crucial role in dismantling major criminal networks.Crypto Crime Declines to Record LowAccording to Chainalysis’ 2025 Crypto Crime Report, illicit transactions in the cryptocurrency industry plummeted to just 0.14% in 2024—a significant drop from 0.61% in 2023. This downward trend underscores the progress made in crypto security, as law enforcement agencies, blockchain platforms, and industry leaders intensify their crackdown on illicit financial activities.Binance has been at the forefront of these efforts, reinforcing compliance frameworks, leveraging AI-driven security solutions, and expanding collaborations with law enforcement agencies worldwide. Despite the rapid growth of crypto adoption, criminal activity has not kept pace, demonstrating the effectiveness of these measures.How Binance is Setting New Security Standards1. Proactive Risk PreventionBinance made significant investments in AI-powered fraud detection and risk management, rolling out:50+ machine learning models to detect scam activities.14 major updates to its security algorithms to counter evolving threats.Risk Sniper alerts on Binance Square to flag high-risk wallet addresses and suspicious links in real-time.These initiatives prevented over $4.2 billion in potential losses and safeguarded 2.8 million users globally. Binance also recovered $9.1 million in stolen funds and blacklisted 47,000 malicious addresses.2. Enhanced Asset Recovery MeasuresBeyond preventing scams, Binance actively assisted victims in recovering lost and stolen crypto assets:$88 million in stolen crypto was recovered through Binance-led investigations.The Binance security team worked closely with law enforcement agencies to trace and reclaim funds from hacks, exploits, and fraud cases.3. Strengthening Global Crime-Fighting AlliancesIn 2024, Binance ramped up its global law enforcement partnerships, handling:64,800 law enforcement requests worldwide.Training programs for 1,300 agents from 86 countries in blockchain forensics.100+ sessions on crypto crime investigations, including cross-chain tracking and demixing techniques.Binance also played a pivotal role in dismantling a major multi-million-dollar criminal syndicate in Hong Kong, leading to the arrest of key members involved in fraudulent virtual asset transactions.4. Collaborations with Global Security InitiativesBinance joined forces with major global cybersecurity initiatives, including:Cybercrime Atlas (World Economic Forum) – mapping and disrupting digital crime networks.INHOPE Partnership – using blockchain analysis to combat online child exploitation.Inter-agency crypto crime task forces to track and neutralize illicit activities.Looking Ahead: Binance’s Commitment to a Safer Crypto FutureThe record-low rate of illicit transactions in 2024 marks a major milestone in the industry’s fight against crypto-related crime. Binance remains committed to:Expanding AI-driven risk detection models.Enhancing real-time fraud prevention tools.Strengthening global law enforcement partnerships.
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