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Following Bybit’s Substantial $1.4 Billion Deficit, Binance Advocates for Stricter Safety Guidelines
Binance’s Chief Executive Officer, Teng Wei-cheng, has underscored the necessity for heightened safety measures and safeguarding of users within the digital currency domain, particularly in light of Bybit’s recent $1.4 billion setback.
Teng pointed out that Binance stands as the most governed digital currency exchange globally, possessing regulatory authorizations across 22 regions. He emphasized that adherence and safety will evolve into even more vital focal points moving forward. Nevertheless, he expressed regret that safety remains a “neglected” facet of the cryptocurrency arena.
During a Binance livestream event commemorating the commencement of Ramadan, Binance CEO Teng Wei-cheng conveyed that the digital currency exchange intends to concentrate further on guaranteeing the safety and user protection of the cryptocurrency space.
He specifically drew attention to the security subsequent to the February 21 assault on Bybit, culminating in a $1.4 billion loss, the most substantial in the digital currency sector.
Teng stated that Binance has “invested considerably” in safety, being the pioneering digital currency Shadow Exchange and Bitget Wallet Collaborate to Enhance Availability to institute a Secure Asset Fund for Users (SAFU). Binance established SAFU in July 2018 as a contingency insurance fund to safeguard user assets in extreme circumstances like cyberattacks. The exchange has vowed to allocate 10% of its trading charges to the fund.
> “I believe the significance of safety cannot be overstated currently, notably considering the events that transpired with Bybit last week,” Teng Wei-cheng remarked during the live broadcast. “Hence, safety is a paramount concern. Indeed, Binance has been investing substantially in safety for numerous years, emphasizing safety and adherence.”
He noted that regulators are not dedicating sufficient attention to safety, and his most recent dialogue occurred during the Hong Kong Consensus Conference last week, where he engaged with them prior to the Bybit assault. Teng Wei-cheng implored regulators to prioritize the safety of digital currency enterprises.
Following the Bybit assault, Binance is prompting regulators and industry stakeholders to place greater emphasis on formulating standardized safety benchmarks for the digital currency sector.
We are truly dedicating our maximum effort to safeguard our clientele, but let’s acknowledge, the realm of digital currency resembles a chaotic frontier where individuals operate independently. Consequently, we are advocating for some consensus,” remarked Binance’s Deng Chao.
Bader Kalouti, overseeing expansion initiatives for Binance across the Middle East and North Africa, added, affirming that Binance consistently prioritizes “security.” They employ multiple tiers of defense, such as multi-factor verification and round-the-clock AI surveillance, to identify any dubious activity.
Kalouti further noted that in 2024 alone, their framework aided patrons in averting a crisis, averting roughly $1.2 billion in prospective deficits. Furthermore, Binance users obtain a distinctive identifier to authenticate emails originating from Binance, thereby mitigating deception.
