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Binance.US and six other major cryptocurrency companies — Circle, Solana Foundation, The Aave Companies, Hedera, TRM Labs and Civic — have joined hands to launch a tool for the community to report scams. Launched on Wednesday, the tool, called Chainabuse, aims to allow cryptocurrency users to issue alerts and exchange about ongoing phishing activities such as forgery and hacking in real time. Chainabuse serves as a central platform so that cryptocurrency users, victims of financial crime and crypto businesses can actively report, exchange and issue warnings, preventing fraudulent acts.
In the past, cryptocurrency companies often issued warnings on social networking platforms such as Twitter and Discord that were often overlooked and difficult to control. However, crypto companies and investors can use the Chainabuse public forum to advocate, protest and comment, in order to provide more information about reported violations. The open platform also stores data on illegal acts so that cryptocurrency users can research projects before investing in the future. Joe McGill, Chainabuse software developer and former U.S. Postal Service and Post Office investigator, recalls many instances when the crypto community came together to “push back against bad actions and protect each other”: “Chainabuse is designed to help people have a greater role to play in raising this spirit.” Furthermore, representatives of these seven companies emphasized the importance of protecting the interests and users of the cryptocurrency community. They say that fear rug pulls and backing prevents people from using cryptocurrencies. Binance’s Branch in Turkey recently took action against scammers who used billboards to sile Binance fake investment opportunities. In the latest warning issued by Binance Turkey, this billboard promotes “Binance Tourist xchange” without any connection to Binance founded by Changpeng “CZ” Zhao. On April 15, Binance launched its first 24/7 customer service center in Turkey as it prepares to expand the service globally.
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