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- Binance CEO Richard Teng denies misuse of Launchpool funds and asserts the company’s dedication to fairness and user protection.
- Last year, Binance prevented $2.4B in fraudulent transactions, demonstrating its commitment to combating global crypto scams.
- Binance aids in recovering $47.6M from a gaming scam, highlighting its role in global financial crime prevention efforts.
In a recent Ask Me Anything (AMA) session on X, Binance CEO Richard Teng responded to accusations regarding the embezzlement of Launchpool’s funds. Teng strongly rejected all the allegations, strengthening the company’s stance on protecting its users and engaging in fair and legitimate trading.
Received a question on Launchpool allocations on the X Spaces earlier. Hope this clarifies!
— Richard Teng (@_RichardTeng) October 9, 2024
Launchpool allocations from projects are strictly for Binance users and Binance does not take profits from these allocations intended for users, and it is ultimately at the discretion of…
He also pointed to the company’s rigorous internal control measures, which entail firing employees indulging in unethical practices. Teng’s assurances come as the platform grapples with legal issues in many countries worldwide.
The controversy stems from claims that Binance used its balance sheet capital to inappropriately benefit from its Launchpool—a tool designed to democratize access to new tokens and reward users.
Teng stated these accusations are “false and should be ignored,” emphasizing the transparency and fairness that Binance strives to uphold. This segment of the AMA was crucial in reinforcing Binance’s image as a reliable and ethical player in the cryptocurrency space.
Binance’s Role in Crypto Scam Prevention and Education
During the same session, Teng also discussed how Binance was ready to fight unchecked cryptocurrency scams in crypto markets. In the past year, Binance has reportedly saved $2.4 billion of fraudulent transactions and helped the world police recuperate $7 million in stolen funds. Such steps speak volumes about the exchange’s readiness to protect users’ assets and the overall security of the decentralized financial system.
Moreover, Teng shared insights into Binance’s educational initiatives with universities and law enforcement agencies to increase awareness and prevent crypto-related fraud. Notably, Binance assisted India’s Enforcement Directorate in September, recovering $47.6 million tied to the Fiewin gaming scam. This case highlighted the effectiveness of Binance’s Financial Intelligence Unit in tracing and addressing complex money laundering operations. The ongoing investigation reflects the exchange’s integral role in global efforts to curb financial crimes in digital assets.
Binance’s Global Impact and Employee Welfare
Expanding on Binance’s global impact, Teng articulated the platform’s achievements and future aspirations, particularly its significant user growth in 2024. With over 54 million new users this year, bringing the total to 234 million, Binance focuses on enhancing crypto adoption worldwide. Teng humorously remarked that “all of us are Satoshi,” referring to the shared belief in the transformative potential of Bitcoin and the broader crypto market.
Additionally, Teng touched on the personal plight of Tigran Gambaryan, a Binance employee detained in Nigeria under unclear circumstances. Teng expressed a deep commitment to securing Gambaryan’s release, emphasizing his critical health issues and the urgency of reuniting him with his family. This human aspect of the crypto industry rarely comes to light, and Teng’s comments brought attention to the often-overlooked personal impacts of global business operations.