Binance, one of the world’s largest cryptocurrency exchanges, has launched a new campaign aimed at preventing scams in cooperation with local law enforcement agencies. The initiative, called the “Joint Anti-Scam Campaign,” was first implemented in Hong Kong and aims to help potential scam victims avoid falling victim to fraudulent activity.

As part of the campaign, Binance collaborated with the Hong Kong Police Cyber ​​Security and Technological Crime Bureau to create a “crime warning and prevention message” for Hong Kong residents. When users tried to make withdrawals, they received warning messages that provided information about common scams and tips on how to avoid them.

Binance investigated user responses to the messages over a four-week period and found that approximately 20.4% of users either decided not to withdraw or investigated further to determine if the transaction might be a scam. The success of the pilot program has led Binance to plan collaborations with police in other jurisdictions to create personalized warning messages for clients outside of Hong Kong.

Phishing and social engineering scams have been a recurring problem for cryptocurrency users. In February, scammers allegedly created a fake version of the ETHDenver convention website, which they used to trick users into giving away their cryptocurrency by calling a function in a malicious contract. In another example, an influential promoter of non-fungible tokens had over $300,000 worth of CryptoPunks taken from his wallet when he was apparently tricked into interacting with a phishing site.

Binance’s Joint Anti-Scam Campaign aims to help users avoid these types of scams by providing specific alerts and resources to educate users about common scams and how to avoid them. The company’s collaboration with law enforcement agencies is an important step in the fight against fraudulent activity in the cryptocurrency space. With the success of the pilot program in Hong Kong, it is hoped that this initiative will be expanded to other jurisdictions and help prevent more users from falling victim to scams.