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$213m spent to combat cryptocurrency fraud in 2023 – Binance

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2 years ago

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3m spent to combat cryptocurrency fraud in 2023 – Binance

Cryptocurrency exchange Binance has said it invested $213m in its compliance programme in 2023 to tackle fraud and bolster security.

The information was revealed in a statement sent to Sunday PUNCH by Romaana Sutton, the Conversation Architect at JNPR, the public relations agency representing the exchange.

The exchange noted that significant funding allocation underscored its proactive stance in safeguarding its platform and users against fraudulent activities within the cryptocurrency ecosystem.

“Between 2022 and 2023, the amount Binance committed to its compliance programme went up from $158m to $213m, marking a 35 per cent increase.”

The company said it also invested in world-class talent, building or acquiring industry-leading technology, and putting in place efficient policies and processes.

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Binance disclosed that it was constantly monitoring transaction flows on and off its platform using a combination of automated and manual approaches.

According to the exchange, in 2023, it improved transaction monitoring capabilities, adding that its on-chain monitoring team processed 677,772 on-chain alerts.

“Thanks to the implementation of a new automation tool, Binance achieved a 150 per cent increase in the productivity of on-chain transaction monitoring, meaning more potential threats were analysed and addressed for the same amount of resources allocated,” it asserted.

It noted that it did not solely analyse blockchain exposure; its enhanced purpose-built tools also monitor for suspicious transactions conducted internally.

It stated, “In 2023, Binance’s analysts reviewed and closed 2,648,318 off-chain alerts. As a result of implementing new tools, both in-house and external, the company increased the productivity of these efforts by an estimated 40 cent compared to last year.”

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Cryptocurrency crime reduced in 2023, according to the recently released 2024 Crypto Crime Report by blockchain data firm, Chainalysis.

The total value of digital assets received by illicit addresses also showed a considerable decline between 2022 and 2023, dropping from $39.6bn to $24.2bn.

The share of illicit transactions in the overall crypto transaction volume went down from 0.42 per cent to 0.34 per cent.

“These include assets stolen in crypto hacks as well as funds sent to wallets that Chainalysis analysts designated as illicit,  those associated with ransomware groups, fraud shops, darknet markets, and online drug sellers; addresses linked to terrorism financing and sanctioned entities and jurisdictions, and other relevant categories,” the report stated.

The report attributed the decline to the result of the crypto industry as a whole stepping up its collaborative security efforts, perfecting its defences, and tightening its collaboration with law enforcement agencies.

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It was also likely that the average crypto user had also become more vigilant and aware of dangers like scams and fraud, the report added.

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Crypto

Disappointed By Bitcoin And Dogecoin In 2025? These Coins Soared Over 2000% To Dominate The Gainers List

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6 days ago

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December 29, 2025

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Disappointed By Bitcoin And Dogecoin In 2025? These Coins Soared Over 2000% To Dominate The Gainers List

Amid a year of big losses for major large-cap cryptocurrencies, two under-the-radar tokens captured the market’s attention by delivering eye-popping returns.

The Unprecedented Surge

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Solana (CRYPTO: SOL)-based memecoin pippin (PIPPIN) skyrocketed 5384% in 2025 to become the cryptocurrency market’s biggest gainer of the year.

Largely dormant throughout the year, the coin ignited an explosive rally around mid-November, culminating in an all-time high of $0.6109 last week.

PIPPIN was launched as a viral AI-generated unicorn image by Yohei Nakajima, creator of the autonomous AI agent BabyAGI. After going viral on social media, the community decided to transition the token into an autonomous AI agent on X.

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Cryptocurrency YTD Gains +/- Price (Recorded at 8:14 p.m. ET)
pippin +5384.24% $0.4212
AB +2716.16% $0.004567

See Also: Bitcoin Failed As ‘Store Of Value’ In 2025, But These Crypto Derivatives Of Gold, Silver Delivered Sharp Returns — Check Them Out

Similarly, AB (AB) token rallied 2716%, emerging as the second-most successful cryptocurrency of the year. Unlike PIPPIN, the coin erupted to new highs in early 2025 but lost its footing in the later stages.

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AB, formerly known as Newton Project, is a modular blockchain ecosystem focused on cross-chain interoperability and real-world asset integration. The native token is used for paying transaction fees, executing smart contracts and enabling governance.

These towering gains stood in stark contrast to the losses endured by more popular assets like Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE), which lost their way in the last quarter of the year following robust rallies earlier.

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While Bitcoin lost 4.59% year-to-date, Dogecoin has bled 60% since 2025 started.

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Photo Courtesy: Alexandru Nika on Shutterstock.com

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© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Landmark Crypto Bills Drive 2025 Regulatory Shift as Congress Signals Commitment to Digital Asset Growth

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6 days ago

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December 28, 2025

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Landmark Crypto Bills Drive 2025 Regulatory Shift as Congress Signals Commitment to Digital Asset Growth
U.S. crypto regulation advanced sharply in 2025 as Congress set stablecoin rules, embraced regulated digital finance and accelerated market structure efforts, marking a broad legislative push that brought long-sought clarity to digital assets.
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Bitcoin price retraces 30% from record high. How does crypto market look like in 2026? | Stock Market News

Published

7 days ago

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December 28, 2025

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Bitcoin price retraces 30% from record high. How does crypto market look like in 2026? | Stock Market News

The year 2025 has remained mixed for the crypto market as the sector presents a balanced yet optimistic outlook. Looking at the positive side, there was tangible advancement—DeFi ecosystems continued to grow, stablecoins gained wider traction, CBDC infrastructure pilots moved forward, and developer participation surged across APAC and worldwide, with millions building on-chain.

“On one hand, the industry saw real progress: growth in DeFi projects, expansion of stablecoins, new CBDC-infrastructure pilots, and rising developer activity across APAC and globally, with millions committing to code on-chain. On the other hand, after early-year optimism from retail investors, the October correction was a reminder that sentiment remains fragile and that hype without real delivery can still hurt the industry,” said Nischal Shetty, Founder, WazirX.

Bitcoin has fallen roughly 30% from record high levels and is down more than 6% so far this year, as the market continues to find it difficult to recover after the October crash. According to Bloomberg report, trading activity remains subdued, with retail speculation losing momentum.

The decline has partly been driven by technical factors, with prices dropping below the 365-day moving average, while persistent selling by long-term holders has also weighed on Bitcoin.

Key drivers of the crypto market in 2025

At the beginning of the year, the market witnessed the setup of US Strategic Bitcoin Reserve, underscoring Bitcoin’s rising strategic significance.

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By mid-year, the enactment of the GENIUS Act introduced a well-defined regulatory framework for USD-backed stablecoins, strengthening confidence and paving the way for wider adoption.

The CFTC’s December 4 decision to permit listed spot crypto products on registered futures exchanges represented a key milestone, advancing the market from regulated ETFs toward more transparent cross-border compliance structures and greater institutional involvement.

Crypto market outlook in 2026

According to Shetty, global institutional appetite for regulated digital-asset products will continue to increase, driving capital inflows and contributing to market stability.

At the same time, domestic policies for countries will be key in shaping their respective investor sentiment. In India, the foundation stone of the CBDC project could be laid soon, Shetty added.

“The RBI has announced a hackathon in October to nurture tech talents in the emerging technology space, which will encourage more Indians to see emerging tech as a promising career prospect. A clearer regulatory framework for VDAs, potentially paired with supportive tax measures, support for stablecoin initiatives alongside CBDC measures, could unlock real-world blockchain use cases from Indian builders to kickstart on-chain growth for Indians,” Shetty said.

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Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.

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