Binance Australia is rolling out new measures in September aimed at protecting 'vulnerable' users, such as the elderly or those with disabilities, from financial crime, including investment scams.
Binance Australia is tightening up its onboarding process for new users as part of a push to protect users it's flagged as most vulnerable to financial crypto crime.
“From the whole financial management perspective, we are really looking at it from end to end and also from a whole life circle's perspective,” said Lu. Lu outlined that the general type of people Binance has flagged as vulnerable users are the elderly, people that live in remote areas, or those with disabilities. Such conclusions were the result of working with various government and research agencies focused on financial crime, he added.
To determine the scope of a new user's crypto knowledge, and to ascertain whether they have been guided by a bad actor to sign up under false pretenses, the firm recently rolled out a know-yourcustomer focused quiz that enables them to flag any potentially suspicious activity.
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