Leading crypto service provider Binance is supporting the United States in its effort to reimburse victims of the 2017-2018 Centra Tech Fraud.
Binance is quite excited that the victims get to receive compensation after almost five years. So far, the U.S has recovered 100,000 Ethereum (ETH) which will be utilized in funding the 170,000 victims affected by the scam.
Speaking on the Centra Tech Fraud, CEO of the exchange Changpeng Zhao said,
“We don’t tolerate crime in any way, and we’re proud to work with the U.S. Department of Justice (DOJ) to reach the victims of the Centra Tech fraud. We are thrilled that tens of thousands of users may be getting their money back.”
According to him, “Protecting users has always been our top focus, and we’ve greatly advanced our capabilities to do so since Centra Tech’s fraud occurred five years ago. We continue collaborating proactively with regulators, law enforcement, and other stakeholders to create a safe and well-regulated crypto ecosystem that brings the benefits of modern finance to everyone. The DOJ’s success, in this case, is an extremely important step forward for our quickly-maturing industry.”
Binance Ensures Crypto Regulation Compliance
Binance has put its hands together with the authorities to identify many victims of the fraud.
As part of its contribution toward ensuring a healthy crypto ecosystem, the largest cryptocurrency exchange by market capitalization ensures that it operates in territories with a regulated framework.
To ensure such compliance, Binance became a member of the National Cyber-Forensics and Training Alliance (NCFTA).
This is a non-profit organization to identify, mitigate and neutralizes cybercrimes. Also, Binance launched a new API reporting tool that keeps a tab on its crypto operations in every country it renders services to.
Similarly, the crypto exchange displays great interest in working with the government and law enforcement agencies. Therefore, it owns a support system designed to ease the stress of regulators requesting information from Binance. The exchange currently has a Secure Asset Fund for Users (SAFU) valued at $1 billion to safeguard its users in extreme cases.
The latest of its compliance effort is the Binance Global Advisory Board (GAB) which was inaugurated a few days ago with key industry leaders from all over the world.