Binance Moves Next Piece in Regulation Game To Prevent Checkmate

1. Binance is seeking partnerships with governments to fight fraud and scams.
2. Binance trialed a one-month partnership with Hong Kong police to warn users of possible scams.
3. The timing could not have been more perfect, as Binance is caught in the crosshairs of US regulators.

Binance bolstered its efforts to cooperate with authorities in relation to fighting fraud and other prevalent scams in the industry today. 

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Recently, the exchange launched its Joint Anti-Scam Campaign in partnership with law enforcement bodies from various countries in the world. This started with a trial partnership with the Hong Kong Police’s Cyber Security and Technology Crime department.

According to an announcement, users from Hong Kong would receive a warning message whenever they try to withdraw funds from Binance. The message would tell them to verify the destination before sending their money to them.

After reaping satisfactory results, Binance is now seeking to partner with authorities from other countries. The announcement did not specify which countries the exchange has reached out to.

The timing could not have been more perfect, as Binance is caught in the crosshairs of US regulators. In the words of CEO Changpeng Zhao, the exchange is experiencing a barrage of FUDs and fake news from influential organizations and regulators such as the SEC, US Senate, and Forbes.

However, most in the crypto industry are rallying behind the back of Binance since earlier this year.

As to the issue regarding the alleged misappropriation of $1.8 billion USDC, Wu Blockchain slammed Forbes, saying that the premier media was “wrong” in its report.

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