After bybit hack, the binance is urging regulators and industry players to focus more on the establishment of universal safety standards for the Crypto industry.
In a bense live Session To commemorate the onset of Ramadan, Binens CEO Richard Teng said that the Crypto Exchange plans to focus more to focus its efforts to ensure user safety and safety at the Crypto Space.
He especially emphasized the importance of security after Bibit Hack on 21 February, resulting in a loss of $ 1.4 billion, which was the largest history of the Crypto industry.
“I think security and security cannot be emphasized more than now, especially what happened last week. So security is at the top of the mind. In Binance, we really have invested very heavy in security throughout the years, focusing on security and compliance,” Teng said in livestream.
Teng said that the Binense is the most regulated cryptocurrency exchange globally, conducting regulatory licenses in 22 courts. He insisted that compliance and security would become a major priority. However, he said that the security crypto remains a ‘underfocus’ aspect in space.
Tenth said, “Regulators do not focus so much on security and my latest conversation was actually during the general consensus in Hong Kong when I met him before being hacked by him,” Teng said that he has urged regulators to focus more on security for crypto firms.
He mentioned that Benance has been “heavy investment” in security, as it is the first crypto exchange to install a safe asset fund for users or SAFU. Binance created Safu in July 2018 as an emergency insurance fund to protect the user funds in terms of extreme conditions like cyber attack. The exchange has given 10% trading fees in the fund.
“We tried our best to continue the safety of our users, but there are no universal standards on that front and it is very unequal as to what the different crypto players are embracing the standards. So we want to continue to pursue that agenda, ”said Teng.
Binance Mena, according to the regional development and operation of Bader Kalooti, security has always been “above the brain” for binance. The exchange employs a multi-layered approach to the protection of the user funds, including multi-factor authentication and AI-manual constant monitoring to detect suspected activity and dangers.
“In 2024, we prevented a potential loss of about $ 1.2 billion for users using this continuous identification mechanism. So those things are very important, “Kaluti said, saying that benance users are given a unique code, which is used to verify the validity of the email sent by Benance to avoid the scam.
