Binance CEO, Richard Teng, recently addressed the global crypto community, sharing an important reminder and a word of caution regarding crypto investments.

Teng took to X to remind his followers about the crucial importance of DYOR – that’s “Do Your Own Research,” a well-known phrase in the crypto world.

The community’s reaction was mixed. While many responded positively and enthusiastically, others voiced criticism, directing negative comments towards Binance as a trading platform.

One user on X directly responded by accusing Binance of listing “low cap scammy insider controlled memecoins” and then promoting them to their massive user base of 300 million.

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Binance is stepping up to reduce illicit crypto transactions

Earlier in the week, the Binance CEO also shared a link to a Binance blog post, highlighting the platform’s recent successes in the fight against illegal crypto transactions, all in an effort to better protect their users.

According to the article, data from Chainalysis showed that in the past year, thanks to the combined efforts of major players within the crypto space, Binance included, the volume of illegal crypto transactions was successfully reduced to a mere 0.14%.

To achieve this noteworthy result, Binance detailed their strategies, which include proactive prevention measures, real-time risk management, and actively working to recover coins stolen from users. The blog post proudly stated that despite significant growth in Binance’s market capitalization, user numbers, and fund inflows, illicit transactions on the platform thankfully did not see a corresponding increase.

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Millions in stolen crypto recovered and criminal wallets blacklisted

As part of their ongoing commitment to fighting crypto crime, Binance has invested hundreds of millions of dollars in compliance programs and assembled a dedicated team of 650 compliance experts. This team has been highly effective, securing over 20 regulatory permissions around the globe, outperforming all other crypto platforms in this area last year.

Another crucial step in safeguarding users from scams and fraud was Binance’s launch of the “Risk Sniper” channel on Binance Square – a platform introduced by CZ during his time as CEO. This channel regularly publishes updates concerning high-risk wallets and suspicious links, and also issues real-time alerts.

As a direct result of these combined actions, Binance has successfully recovered a significant $9.1 million in funds stolen from its users and has also blacklisted an impressive 47,000 malicious wallets.