In two years, Binance processed more than 380,000 appeals and returned $4.35 billion to users

  • Binance has published a new report.
  • In it, the exchange indicated that its users remain its priority.
  • According to the company, in 2022-2023 the platform returned $4.35 billion to customers who would have lost funds due to the error.
  • Binance also reported on the fight against money laundering.

In 2022-2023, the Binance crypto exchange processed 381,616 appeals and returned $4.35 billion to users. These funds were deposited but not credited to clients for various reasons.

“Binance cultivates a user-centric culture. She determines everything we do. We put this into practice by helping users recover unaccounted for and lost funds where possible, and by freezing and returning assets obtained through illegal means,” the exchange said in a report.

The company emphasized that leaders in the crypto-asset industry should use their influence and resources to support other participants in the emerging market. At the same time, one of the main tasks of such counterparties is the formation of an integral ecosystem, the organization noted.

According to the report, the exchange initially faced criticism from laissez-faire advocates.. Despite this, the company continued its work in this area.

“Mistakes happen, but our CS agents are ready to help fix them, making the process safer and more user-friendly,” the exchange said in a statement.

The report indicates that Binance processed 381,616 user appeals in 2022-2023. As a result, the platform returned $4.35 billion, helping to create a safe environment for novice users, the exchange noted.

In addition, during 2023, Binance froze $55 million in crypto assets.. These are illegally obtained funds that were attempted to be withdrawn through the platform.

The report paid special attention to cases of rug pull. In a comment to Bloomberg, the exchange's chief security officer, Jimmy Su, noted that the scheme is gaining popularity amid signs of a bull cycle.

Let us remind you that we previously talked about the first case of major fraud on the Blast network. The RiskOnBlast project team carried out a rug pull with damage of $1.3 million.

At the end of February 2024, the court admitted the guilt of the exchange and approved the deal with the American authorities. Binance will pay a fine of $4.3 billion.