- Binance has published a new report.
- In it, the exchange indicated that its priority remains users.
- According to the company, between 2022 and 2023, the platform returned $4.35 billion to customers who could have lost funds due to an error.
- Binance also reported on anti-money laundering.
Between 2022 and 2023, Binance cryptocurrency exchange processed 381,616 appeals and returned $4.35 billion to users. These funds were deposited but not credited to customers for various reasons.
“Binance cultivates a user-centered culture. It defines everything we do. We put this into practice by helping users recover unaccounted for and lost funds whenever possible, as well as freezing and recovering illegally obtained assets,” the exchange said in a report.
The company emphasized that cryptoasset industry leaders should use their influence and resources to support other emerging market participants. At the same time, one of the main tasks of such counterparties is the formation of a holistic ecosystem, the organization noted.
According to the report, at the initial stage, the exchange faced criticism from supporters of the “non-interference” position. Despite this, the company continued its work in this area.
“Mistakes happen, but our CS agents are there to help fix them, making the process safer and more user-friendly,” the exchange said in a statement.
The report states that Binance processed 381,616 appeals from users between 2022 and 2023. As a result, the platform returned $4.35 billion, contributing to a safe environment for first-time users, the exchange said.
In addition, during 2023, Binance froze crypto assets worth $55 million. These are funds obtained illegally, which tried to withdraw through the platform.
The report paid special attention to cases of rug pull. In a comment to Bloomberg, the Director of security of the exchange Jimmy Su noted that this scheme is gaining popularity against the background of signs of a “bull cycle”.
Recall, earlier we told you about the first case of major fraud in the Blast network. The RiskOnBlast project team conducted a rug pull with a damage of $1.3 million.
At the end of February 2024, the court found the exchange guilty and approved a deal with the US authorities. Binance will pay a fine of $4.3 billion.
