In its annual report released on Jan. 19, cryptocurrency exchange Binance revealed that the firm received more than 47,000 law enforcement inquiries throughout the year. The exchange said such requests were processed “at a record time” and that it was the first among blockchain firms to join the National Cyber-Forensics and Training Alliance, a nonprofit cybercrime fighting unit based in Pittsburg.
In response to the inquiries, Binance said it increased the headcount of its security team by more than 500% and hosted 70 law enforcement workshops around the globe in 2022 to help fight blockchain-related financial crime.
In the event of security incidents, Binance also stated it would tap into funds from its $1 billion SAFU (Secure Asset Fund for Users) user insurance program to compensate for losses. The exchange also tightened requirements such as NFT listings. Starting Feb. 2, Binance will delist all NFTs listed before Oct. 2 that had an average daily trading volume of less than $1,000 between Nov. 1 and Jan. 31.
In January 2022, we announced that SAFU was worth
$1B. Due to market conditions in 2022, that value
dropped to $735m. As of November 2022, we topped the
SAFU balance back to $1B. We made a promise to our
users, along with the larger crypto ecosystem, that SAFU
would always maintain a sizable level.
The exchange received 14 licenses and regulatory registrations in 2022. Other highlights include its $1 billion pledge for an industry recovery fund amid FTX’s collapse and investing $500 million into Web3 and blockchain firms through Binance Labs. Although it does not have a fixed corporate office, the exchange’s governing jurisdiction is the Hong Kong International Arbitration Center for legal disputes. Its servers are also reportedly located in Japan.
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