New Phishing Scheme to Menace Binance Users

Another phishing attack on cryptocurrency community 
28 March 2018   1166

A new phishing campaign aimed at holders of Ethereum and ERC20-tokens on the Binance exchange, was discovered on the network. This is reported by The Merkle.

In the messages sent to the email addresses of users, it is said that Binance has recently made a number of improvements. Although this information is true, the rest of the letters are aimed solely at stealing user tokens.

They are invited to participate in some "event for the import of ERC20", for which it is necessary to provide data from ordinary Ethereum wallets. The form for data entry is on a page similar to the Binance website, but its address is different.

It is noteworthy that phishing emails are received not only by users of Binance, but also by members of recent ICOs, as well as by other crowbanding campaigns.

Binance to Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   79

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.
 

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.