Binance prevents over $4b in losses in 2024 with enhanced security

  finbold.com 13 h

Binance, the world’s largest cryptocurrency exchange by trading volume, is a central part of the wider digital asset ecosystem. As such, it is often in the crosshairs of cybercriminals — ranging from the lowliest of script kiddies to state-sponsored and sanctioned outfits like the notorious Lazarus Group.

Being in the spotlight does have its disadvantages — particularly amidst the growing mainstream appeal and adoption of cryptocurrencies. However, Binance seems to be holding its own rather well — per a recent annual report, the platform’s security efforts have managed to prevent roughly $4.2 billion in losses for some 2.8 million users in 2024 alone.

The 24-page report covers a wide variety of topics pertaining to the exchange and the wider industry, but security was obviously a priority. Finbold has reviewed the report shared with it by the exchange to bring readers a digestible, summarized view of the most important points and developments.

Inside Binance’s 2024 security milestones

Over the course of the year, the exchange’s in-house compliance staff grew to 650 employees — in tandem with this, the number of regulatory authorizations held by the platform rose to 21.

Binance also established a Risk and Compliance Committee, whose goal is to oversee the company’s risk framework to make sure it is aligned with both regulatory mandates and strategic objectives.

Collaboration with law enforcement was also a priority — the exchange’s Law Enforcement Training Program delivered 100 sessions worldwide, which culminated in an April 19 online event that some 1,300 law enforcement officers from 80 countries attended.

In terms of collaboration beyond education and training, Binance responded to over 64,800 law enforcement requests throughout the year.

While the $4.2 billion in prevented losses presents an impressive figure, recovery is also on the uptake — in 2024, the platform helped users recover approximately $88 million in funds that were misplaced, lost, or stolen.

Featured image via Shutterstock

Source