Binance Aus ramping up measures to protect vulnerable users, says CEO
The general type of people Binance Australia has flagged as vulnerable users are the elderly, people that live in remote areas, or those with disabilities. Binance Australia is tightening up its onboarding process for new users as part of a push to protect users it's flagged as most vulnerable to financial crypto crime. The new measures were mentioned in Binance Australia’s June quarter Economic, Social, and Governance (ESG) report on Aug. 29, which noted that the exchange was working on a “stringent and user-focused onboarding experience” aimed at groups with a higher occurrence of....
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Binance started the Secure Asset Fund for Users (SAFU) in 2018 by allocating 10% of the trading fee. Binance, the world’s leading crypto exchange by trading volume, announced its Secure Asset Fund for Users (SAFU) reached a $1 billion valuation.The user protection insurance fund was set up in July 2018 to protect users’ interests. Binance committed a portion of the trading fee towards SAFU and began allocating 10% towards the funds. The crypto exchange also revealed the two wallet addresses where the funds are being held in order to ensure transparency. The two wallets contain a....
U.K Binance users are reporting the suspension of fiat withdrawals and deposits on the crypto exchange. Additionally, attempts to on/off ramp show the service is suspended for maintenance. This comes as a Financial Conduct Authority (FCA) published an article on the weekend warning consumers about Binance Markets Limited and the Binance Group. Given the close […]
Flash loans, though relatively new, are quickly rising in popularity. Learn more about these uncollateralized-type loans in crypto in the article below. How can DeFi systems protect themselves from flash loan attacks?A large majority of DeFi hacks are flash loan attacks. Since the technology is new, vulnerabilities are not readily apparent and may require skilled developers to identify. Flash loan attacks can cost DeFi protocols and their users hundreds of millions. As such, safeguards must be put into place to ensure that a protocol is robust and sanitized.Despite being vulnerable to....
Malta-based cryptocurrency exchange, Binance, has reportedly extended its blockade of Zimbabwean users to include non-resident citizens. As a result of the new measures, all Zimbabwean nationals are now precluded from using the Binance trading platform. Zimbabwean Nationals Blocked Prior to the introduction of this new measure, Binance apparently allowed Zimbabwean nationals with non-Zimbabwean residential addresses to access its trading platform, while those residing in-country were blocked. Still, some Zimbabwe-based crypto users were able to circumvent this blockade by installing....
BNB Chain's Red Alert system flags projects based on obvious features that have been historically used in scams, rug pulls and phishing. BNB Chain, a blockchain network created by crypto exchange Binance, identified over 50 on-chain projects that pose a significant risk to the users. A mix of crypto spin-offs resembling Dogecoin (DOGE) and Binance and others dedicated to pandas, cyborgs and koalas made the list as untrustworthy and high-risk projects.BNB Chain’s Red Alarm feature, which was implemented to protect investors from potential rug pulls and scams, flagged projects based on two....