2022 was undoubtedly a challenging year for everyone in the blockchain and crypto space, including Binance. How do they deal with it?
Reporting from the official Binance blog page, Wednesday (15/2/2023) they consider that the right regulatory framework and secure ecosystem are the right way to support the path to mass adoption of crypto and blockchain.
"We put significant time and effort into conducting more than 70 law enforcement workshops on topics related to crypto, blockchain, and fighting digital financial crime," Binance wrote on its blog.
With an average response time of three days, we processed a staggering 47,000 law enforcement requests. We have also become the first blockchain and crypto organization to join the National Cyber-Forensics and Training Alliance (NCFTA)," added Binance.
Binance also mentions that major improvements to its identity verification (know-your-customer, or KYC) process, are paramount to keeping users safe.
With so many bankrupt and troubled crypto companies, Binance admits that it has to work hard to build and restore public trust in the crypto and blockchain industry.
"To lead the way towards transparency, we launched a proof-of-reserves (PoR) system that anyone can use to verify that user funds are held at a 1:1 ratio on Binance, in addition to proof of collateral for all Binance Bridge tokens. And to protect our 128 million users in the event of an emergency, we increased the value of our Asset Security Fund for Users (SAFU) back to USD 1 billion," Binance wrote.
They also committed an initial USD billion in November 2022 funding for industry recovery initiatives and stand ready to increase this to USD 2 billion if needed. Meanwhile, to support Web3 and blockchain innovation, Binance has also invested more than USD 500 million.