Binance and the Macau Judiciary Police announced a joint initiative to raise awareness about online fraud and safeguard users from scams.
As part of the collaboration, Binance will integrate anti-fraud alerts into its system, focusing on users in Macau. The Judiciary Police will customise these alerts, triggering when users attempt withdrawals.
Alongside the alerts, Binance will offer practical advice and contact details for local law enforcement. The platform urges users to take a moment to evaluate transaction risks before proceeding, as Binance outlined.
A representative from the Judiciary Police of Macau stated that their goal is to fight financial crimes and that partners such as Binance help the public recognise and address potential risks in their daily lives.
Binance has a history of partnering with law enforcement agencies globally, such as training Macau officers in cryptocurrency investigations and implementing a successful program in Hong Kong. The company stated that this collaboration further strengthens Binance's continuous commitment to helping global financial crime prevention through education and collaboration with law enforcement agencies.
The Financial Crimes Compliance (FCC) Unit officials at Binance have stated that their primary goal is to protect users. They are optimistic that collaborating with the Macau Judiciary Police, based on their past experiences with similar campaigns in other regions, will help increase user awareness, prevent crime, and safeguard users' assets.
In May 2024, Binance's FCC team worked with Taiwan authorities to uncover a USD 6.2 million virtual asset money laundering scheme. Following a USD 2.25 million settlement with India's Financial Intelligence Unit, the company has now resumed its operations in India.
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