Binance implements anti-fraud notifications to safeguard users from fraudulent activities.
In an effort to mitigate the increasing prevalence of online schemes that specifically target cryptocurrency users, Binance and the Macau Judiciary Police have formed a partnership. On Tuesday, the two organizations announced the debut of a collaborative initiative to safeguard users from scams and raise awareness of online fraud.
Binance has announced that it will incorporate anti-fraud alerts into its system, with a particular emphasis on users in Macau. Judiciary Police will customize these alerts and display them when users initiate a withdrawal.
Binance has announced that in addition to anti-fraud alerts, it will offer practical advice and contact information for local law enforcement, thereby motivating users to halt and evaluate the risks associated with each transaction.
“The Judiciary Police of Macau is dedicated to the prevention of financial offenses,” stated a representative. “We anticipate collaborating with stakeholders such as Binance to improve the public’s capacity to recognize and respond to potential hazards in their daily lives.”
Binance has a history of working with law enforcement agencies worldwide, including the successful implementation of a program in Hong Kong and the training of Macau officers in crypto investigations.
The company stated that the partnership is a continuation of Binance’s ongoing initiatives to enhance global financial crime prevention by fostering education and collaboration with law enforcement.
Carlos Mak, a member of Binance’s Financial Crimes Compliance (FCC) Unit, stated that the company’s primary objective is to safeguard its users.
He expressed his confidence that the collaboration with the Macau Judiciary Police will enhance users’ vigilance, thereby effectively preventing crime and protecting users’ assets, based on the previous experience of this campaign in other jurisdictions.
Binance’s FCC team worked in conjunction with Taiwanese authorities in May to dismantle a $6.2 million money laundering scheme that involved virtual assets.
The company has recently resumed operations in India following a $2.25 million settlement with India’s Financial Intelligence Unit.
Also Read: China Investigates Crypto Transactions as Money laundering
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