Binance Recovers $4.4 Billion In Digital Assets For Users Who Mishandled Deposits

2024-3-1 02:30

Binance, the world’s largest cryptocurrency exchange by trading volume, announced the recovery of $4.4 billion in digital assets for users who experienced mishandled deposits over the past two years.

Binance Cases Of Mishandled Funds Resolved

It’s worth noting that mishandled funds can occur for various reasons, including wallet address errors, deposits of incompatible tokens, and complications from blockchain upgrades.

In this regard, Bloomberg reports that Binance successfully resolved a significant 381,616 cases in 2022 and 2023, ensuring that cryptocurrency deposited by users was accurately credited to their accounts.

These initiatives come at a pivotal time for the exchange, as it transforms its guilty plea last year to US charges of anti-money laundering (AML) and alleged sanctions violations. 

While approving the plea deal, which includes a $4.3 billion fine, the district judge presiding over the case recently highlighted Binance’s responsibility in safeguarding participants within the financial system from exploitation by malicious actors.

Resurgence Of Rug Pulls?

As the US Securities and Exchange Commission approved the long-awaited spot Bitcoin exchange-traded funds (ETFs) on January 10, the price of Bitcoin has surged a staggering 44% in the past month, signaling renewed bullish sentiment in the market as BTC approaches its current all-time high (ATH) for the first time since November 2021.

In light of these developments, Jimmy Su, Binance’s Chief Security Officer (CSO), suggests that the recent shift in market sentiment towards bullishness has seen the resurgence of “rug pulls” – a type of scam in the crypto space where developers promote a project to attract investment before disappearing with the funds.

Su notes that such incidents declined during the bear market but acknowledges a recent uptick as the market heats up again.

Su also suggests that fund mishandling may persist as “newcomers” enter the cryptocurrency market. He describes this as part of the industry’s “maturing process,” recognizing that beginners often face challenges in securely managing their digital wallets. Su stated:

We certainly had seen a downtrend in a number of rug pulls, as we were going through the bear market. Right now we are definitely seeing another uptick as the market is warming. This is part of the maturing process for the industry. The majority of the beginners will have a lot of challenges in terms of operating their wallet in a secure way.

Overall, Binance’s recovery of $4.4 billion in mishandled user funds highlights the exchange’s commitment to user protection and underlines the growing need for industry leaders to prioritize the security of participants within the cryptocurrency ecosystem. 

With Binance Coin (BNB) hitting a high of $428 on Wednesday for the first time since April 2022, the exchange’s native token has dropped 0.7% in the past 24 hours to a current trading price of $409.

Featured image from Shutterstock, chart from TradingView.com 

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Digital Rupees (DRS) на Currencies.ru

$ 6.38E-5 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $6.38E-5 - H: $6.38E-5
Капитализация $32.611k Rank 99999
Доступно / Всего 510.803m DRS

users deposits binance mishandled assets billion digital

users deposits → Результатов: 126


Фото:

Coinbase Singapore now requires counterparty’s personal information to process transactions

Coinbase Singapore users must provide additional counterparty information when initiating cryptocurrency deposits or withdrawals from their accounts starting Sept. 5. The exchange said it introduced these measures in compliance with the Monetary Authority of Singapore (MAS) regulations on anti-money laundering and countering the financing of terrorism.

2023-9-6 18:00


KuCoin to introduce mandatory KYC, ending deposits for non-verified users

Crypto exchange KuCoin announced on June 28 that it will soon implement mandatory know-your-customer (KYC) checks for its users, a significant shift from their past policies New KYC rules begin in July KuCoin said that new customers will need to complete KYC checks to access its trading platform and other services starting on July 15, […] The post KuCoin to introduce mandatory KYC, ending deposits for non-verified users appeared first on CryptoSlate.

2023-6-29 00:36


Join the Phemex Deposit Dazzle & Claim $5,000 just for Deposits!

Phemex, a Singapore-based cryptocurrency exchange, seems to be attracting all of the industry’s attention. They’re bringing back the popular Deposit Dazzle event and rewarding all active traders with a new Bitcoin and USD bonus! With the Phemex Deposit Dazzle, users just need to deposit BTC or USDT and claim up to a $5,000 bonus in BTC and USD! The best aspect of this event is that it is very simple to join and anyone may meet the deposit criteria.

2022-9-7 09:31