Binance Australia strengthens user protection: report
Binance Australia is tightening its sign-up process for new users, as part of renewed efforts to protect users considered most vulnerable to scams and cyber attacks, according to a report by Binance Australia.
See related article: Binance to suspend ETH deposits, withdrawals during “The Merge”
Fast facts
- According to the report, the company’s research and development focused on crypto adoption and user protection. “Research into user groups that saw a higher statistical occurrence of financial crime will see the implementation of a stringent and user-focused onboarding experience for those users in the coming quarter.”
- “We are looking at three main areas: onboarding, ongoing and at the end of the life cycle [the point of time in which someone is scammed],” said Zachary Lu, part of Binance’s Financial Crime, Risk and Compliance unit, to Cointelegraph.
- Lu further added that the type of users Binance characterizes as vulnerable are the elderly, people with disabilities, or those who live in remote areas.
- User protection is a growing concern in the crypto space, as Australians were scammed of over US$81.5 million worth of crypto between Jan. 1 and May 1, according to the Australian Competition and Consumer Commission.
- As part of the exchange’s efforts to contribute to the development of a regulatory framework emphasizing consumer protection and market integrity, Binance Australia delivered its recommendations to Treasury on licensing and custody requirements for crypto exchanges.
See related article: Binance receives in-principal approval to operate in Kazakhstan
