Users are at the core of the Binance ecosystem and the platform continuously prioritizes user protection through its state-of-the-art security measures and strict data privacy measures. This includes a 360-degree risk management system, as well as real-time monitoring and advanced data privacy tools.
Binane believes that crypto compliance is an essential part of the larger vision of mass adoption. The platform is partnering closely with regulators and third parties around the world to develop regulatory frameworks, guidelines, and standards that prioritize user protection initiatives.
Ensuring platform and user-level security
Some of the major platform security measures undertaken by Binance include:
In order to ensure user-level security, some of the following steps are taken:
Recovering funds and preventing scams
One of the biggest problems faced by any crypto user is losing their funds or accidentally sending them to the wrong address. Binance has made continuous efforts to help out such users, including recovering over $344,000 from a Wine Swap exit scam.
Binance Angels, the platform’s most active and passionate community builders, has played a pivotal role in fund recovery efforts. The volunteer group helped a user recover 98,000 USDC worth of funds that were accidentally sent to the wrong address.
The platform’s security team also helped recover 99.9% of approximately $345,000 stolen as part of an exit scam, exemplifying its user-first approach in the ecosystem.
The crypto space is growing significantly, and with new projects entering the market every day it can be difficult for people in the space to assess the real value offered by different projects. Additionally, techniques like yield farming and lucrative borrowing and lending protocols that offer high returns can put users at a high risk of losing their funds. Binance encourages users to do their own research before investing in any new projects and also provides them with a database of project reports on many top initiatives in the industry.
Some of the major compliance initiatives taken by the Binance team include:
Restoring funds on the Ronin Bridge
Recently, Binance also led a $150 million USD funding round of the creator of Axie Infinity, Sky Mavis. The platform helped in restoring funds on the Ronin Bridge along with participation from Animoca Brands, Dialectic Paradigm, Accel and a16z. The funds will also be used to reimburse user funds that were affected by the Ronin Validator Hack.
Once the Ronin bridge undergoes a security upgrade and multiple audits, it would reopen for all individuals to withdraw their funds.
While trading is engaging and thrilling, it can also lead to financial and emotional distress in some users. To counter such issues, the platform motivates its users to practice self-discipline and issues an anti-addiction notice reminding traders of impulsive trading behaviors.
Binance also has a cooling-off period function that disables derivatives trading so that users can abstain from compulsive buying after incurring losing streaks. This feature is also available for margin trading wherein activities such as isolated or cross margin trading and borrowing can be suspended for a specific period of time.
Apart from these features the platform also has support articles, auto-deleverage liquidation indicator, user-generated content, and client-knowledge assessments.
For more information on Binance, please check out their official website.
Disclaimer: This is a paid post and should not be treated as news/advice.