Binance pushes for stricter security regulations following $1.4b Bybit hack

After the hacking of Bybit, Binance urges regulators and industry players to focus more on the establishment of universal security standards for cryptographic industry.

In a Binance live session To commemorate the start of Ramadan, Binance CEO Richard Teng said that crypto exchange planned to focus their efforts on the protection and safety of users in cryptographic space.

He specifically stressed the importance of security after Go through Hack on February 21, which led to a loss of $ 1.4 billion, the most important in the history of the cryptographic industry.

“I think security and security cannot be highlighted more than today, especially with what happened last week. Security is therefore the top of mind. In Binance in fact, we have invested very strongly in security over the years, focusing on security and compliance, “said Teng in Livestream.

Teng noted that Binance is the most regulated cryptocurrency exchange in the world, holding regulatory licenses in 22 jurisdictions. He stressed that compliance and security will become an even more important priority in the future. However, he deplored that security remains a “subtructed” aspect in cryptographic space.

“The regulators do not focus so much on security and my last conversation was in fact during the consensus in Hong Kong last week when I met them before Bybit’s hacking occurred,” said Teng, who said that he had urged regulators to focus more on the security of cryptographic companies.

He mentioned that Binance was “strongly invested” in security, because it is the first exchange of crypto to establish a secure asset fund for users or SAFU. Binance created SAFU in July 2018 as an emergency insurance fund to protect users’ funds in the event of extreme situations such as a cyber attack. The scholarship has hired 10% of negotiating costs in the fund.

“We have done our best to continue protecting our users, but there are no universal standards on this front and it is very disparate in terms of standards that different cryptography players adopt. So we want to continue to push this program, ”said Teng.

According to regional growth and Binance Mena operations, Bader Kaloti, security has always been “in mind” for Binance. Exchange uses a multilayer approach to protect user funds, including multi-factory authentication and IA-Continue continues to detect suspicious activity and threats.

“In 2024, we prevented approximately $ 1.2 billion in potential losses for users using this continuous detection mechanism. These things are therefore very important, ”said Kaloti, adding that Binance users receive a unique code used to check the legitimacy of emails sent by Binance to avoid scams.