Binance Australia is taking new measures as part of its effort to protect its users who are vulnerable to crypto crimes.
The new measures to prevent fraud have come to light in Binance Australia’s Economic, Social and Governance (ESG) report.
Binance Australia Tightens Registration Process for User Protection
Binance Australia is tightening up the registration process for new users to protect users identified as the most vulnerable to scammers.
The general type of people that Binance flags as vulnerable users; elderly people, people living in remote areas, or people with disabilities. According to the company’s statement, the audience was created in partnership with various government and research institutions focused on financial crimes.
It was emphasized that the company especially emphasized the form of fraud, in which criminals ask them to send money to them by promising a high return on investment. According to Zachary Lu of Binance’s Financial Crime, Risk and Compliance Unit, there are 500 different types of scams, but investment scams are always at the top.
From September 1, Binance Australia will introduce stricter identification requirements in the user opt-in process. The firm will ask users to provide a photo of their driver’s license and number during registration. This will be used to help Binance identify a vulnerable user and figure out if someone signed up with a stolen ID.
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