Table content
Following the $1.4 Billion Bybit Breach, Binance Advocates for Improved Security Oversight
In the wake of the Bybit incident, Binance is prompting industry players and watchdogs to prioritize the creation of comprehensive security protocols for the digital currency sector.
During a Binance webcast celebrating the commencement of Ramadan, Binance CEO Richard Teng stated that the virtual currency exchange intends to concentrate more on guaranteeing user safety and security within the digital currency realm.
He particularly emphasized security anxieties in the aftermath of the February 21st intrusion on Bybit, which led to a $1.4 billion loss, among the biggest in the history of the digital currency industry.
> “I don’t believe the significance of protection and security can be overstated, especially considering what occurred with Bybit last week. Consequently, security is a main concern. Actually, at Binance, we have invested substantially in security for many years, concentrating on compliance and security,” Teng stated during the webcast.
Teng noted that Binance is the most overseen virtual currency exchange worldwide, possessing regulatory permits in 22 regions. He stressed that security and compliance will evolve into even greater priorities later on. However, he lamented that security remains a “less emphasized” characteristic in the digital currency domain.
“Watchdogs haven’t concentrated that much on security, and my most recent dialogue was actually during the Consensus conference in Hong Kong last week, where I convened with them before the Bybit intrusion,” Teng stated, encouraging watchdogs to devote more consideration to the security of virtual currency enterprises.
He mentioned that Binance has been “investing substantially” in security, as it was the initial virtual currency exchange to establish a Secure Asset Fund for Users (SAFU). Binance created SAFU in July 2018 as an urgent insurance fund to safeguard user funds in extreme circumstances such as cyberattacks. The exchange has pledged to allocating 10% of its trading fees to the fund.”
We have strived to safeguard our clientele, but the digital currency sector is missing widespread safety regulations, which results in differing safeguards across various avenues. That is the reason we are advocating for shared benchmarks,” Deng Chao stated.
Trading platforms are utilizing multifaceted safety protocols to safeguard consumer capital, encompassing multi-factor verification and AI-driven surveillance to spot questionable actions. Badr Kalouti, Binance’s expansion and operational director for the Middle East and North Africa, underscored that safety is consistently Binance’s chief concern. SHIB Burns Increase by 771,019%
“In the year 2024 alone, our ongoing oversight aided consumers in circumventing roughly $1.2 billion in prospective deficits. These procedures are vital,” Kalouti supplemented, indicating that Binance patrons obtain distinctive authentication digits to validate the genuineness of Binance correspondence and avert deceit.
