Cryptocurrency

Dollars

Security

Billion

<p>Binance, the global leader in crypto exchanges, has announced the recovery of over 4 billion dollars in digital assets for its users following mismanaged deposits. The platform is also facing regulatory challenges and a surge in scams on the cryptocurrency market.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <div class="entry-content-asset">
   <div class="social-embed-container">
    <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
     <p lang="en" dir="ltr">Binance, the world’s largest cryptocurrency exchange, says it has recovered $4.4 billion worth of digital assets for its users who mishandled their deposits in the past two years <a href="https://t.co/t5ZhkUWoop" rel="noopener noreferrer nofollow">https://t.co/t5ZhkUWoop</a></p>— Bloomberg (@business) <a href="https://twitter.com/business/status/1763177161584763193?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 29, 2024</a>
    </blockquote>
    <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
   </div>
  </div>
 </div>
 <figcaption class="wp-element-caption">
  Crypto company Binance claims to have recovered 4 billion in poorly managed user funds
 </figcaption>
</figure>
<h2 id="h-binance-recovers-lost-funds-for-crypto-users">Binance Recovers Lost Funds for Crypto Users</h2>
<p>Binance users can sometimes make mistakes during crypto deposits on the platform. They might:</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<ul>
 <li>input the wrong cryptocurrency wallet address,</li>
 <li>send incompatible crypto tokens,</li>
 <li>overlook blockchain updates.</li>
</ul>
<p>These mistakes can lead to loss or blocking of user funds.</p>
<p>Fortunately, Binance has a dedicated team for addressing these cases of mishandled funds. According to <a href="https://www.bloomberg.com/news/articles/2024-02-29/binance-says-it-recovered-4-billion-in-mishandled-users-funds" target="_blank" rel="noopener noreferrer nofollow">Bloomberg</a>, the crypto platform successfully <strong>recovered 4.4 billion dollars in digital assets for 381,616 users</strong> in 2022 and 2023. <a href="https://cryptomonnaies.io/binance-recupere-44-milliards-dollars-dactifs-numeriques-utilisateurs-gere-depots/" rel="noopener noreferrer nofollow"></a>&nbsp;These funds were correctly credited to the accounts of the affected users.</p>
<p>This initiative comes at a crucial time for Binance. The company agreed to pay a record fine of 4.3 billion dollars to the US authorities to settle criminal charges related to money laundering and sanctions violations.</p>
<h2 id="h-binance-warns-against-scams-in-the-cryptocurrency-market">Binance Warns Against Scams in the Cryptocurrency Market</h2>
<p>As the price of Bitcoin (BTC) saw a 44% increase last month, almost reaching its all-time high, the cryptocurrency market is experiencing renewed interest and optimism. However, this also attracts malicious actors seeking to capitalize on the naivety or greed of some crypto investors.</p>
<blockquote class="wp-block-quote">
 <p><em>Rug pulls, a type of scam where project developers disappear with the funds of investors, are making a comeback on the market… These incidents had decreased during the bear market, but they have surged again with the warming of the crypto market.</em></p> <cite>Jimmy Su, Head of Security at Binance</cite>
</blockquote>
<p>To help users avoid mistakes and scams, Binance offers educational resources, verification tools, and security tips on its crypto platform. The cryptocurrency company also encourages its users to exercise caution and due diligence before investing in cryptocurrencies.</p>

Crypto: Binance Saves 4 Billion Dollars for Its Users

Table of Contents

Cointribune EN

Other articles published on Mar 1, 2024

Bitcoin ETFs set for ‘even bigger wave’ in next few months: Bitwise

AI: Elon Musk is suing Sam Altman

MicroStrategy Founder Michael Saylor’s Wealth Surges by $700 Million

Microsoft’s Partnership with Mistral AI Under Scrutiny by Green MEPs

Arbitrum and Robinhood Partner to Simplify Web3 Onboarding

Bittensor (TAO) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Join our free newsletter for daily crypto updates!