Binance Australia Focuses On Strengthening User Protection

Twitter icon  •  Published vor 1 Jahr  •  Hassan Maishera

Binance Australia has revealed in a recent report that its research and development activities focus on strengthening user protection.

The Binance Australia team announced in a blog post on Wednesday that it has focused on strengthening user protection in recent months. The Binance Australia team revealed this in its recent Environmental, Social, and Governance (ESG) update.

According to the report, the Binance Australia research and development activities focused on two distinct areas; crypto adoption and protecting users. In the area of adoption, crypto utility with payment services firms continued to progress positively, with a goal of securing crypto cards and utilizing crypto for payments under Binance Pay. 

Furthermore, 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, the team added. 

Leigh Travers, Chief Executive Officer of Binance Australia, commented that;

“There are numerous highlights for our second ESG update with Socialsuite, including; the continued tree planting initiatives with Koala Clancy Foundation, local community support as a sponsor of the Sydney Film Festival and all important crypto education activities on crypto tax.”

Binance Australia said it is a fully compliant and progressive Australian fintech brand that empowers customers and corporate institutions to access alternative, low-cost digital assets and products. The company said it is on a mission to make a positive impact on society by helping Australians achieve greater financial freedom and addressing important factors facing humanity, including ESG.

In terms of regulation and governance, Binance Australia said it delivered a well-considered recommendation to Treasury on licensing and custody requirements for crypto-asset exchanges. This is part of its commitment to work with Australian policymakers and regulators to contribute to developing a regulatory framework with consumer protection and market integrity at its heart. 

In an interview with Cointelegraph, d Zachary Lu, part of Binance’s Financial Crime, Risk and Compliance unit, said;

“From the whole financial crime risk management perspective, we are really looking at it from end to end and also from a whole life circle's perspective. 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].”

The Binance Australia team added that they are focused on ensuring users are protected from the numerous scams currently out there in the broader cryptocurrency market. 

Lu noted that “There are 500 different scams, but investment scams are always on the top of it. So this is not exclusive to crypto scams, to be honest, but investment scams overall ranked number one for a long, long time.”

Binance Australia recently introduced a Know Your Customer- (KYC)-focused quiz, allowing them to flag any potentially suspicious activity. While explaining this, Lu said;

“So in terms of the data there, it's only recently been implemented. So we don’t have sort of the analysis of how that's how much that is going to stop. But, this user group was multiple times more likely to fall victim to these types of scams.”

Travers pointed out that most victims fall for scams within the first seven days of entering the crypto market. Hence, people entering the market for the first time need more protection.

The tightened security and positive Binance reviews ensure that the cryptocurrency exchange further cements its place as the world’s leading digital asset trading platform.

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.