Richard Teng, CEO of Binance, a global cryptocurrency exchange, said that the company's "proactive security measures" helped reduce the volume of illicit crypto transactions last year. Teng shared his statement in a February 20 post on X.
"Safer crypto for everyone," said Teng. "In 2024, illicit crypto transactions fell to just 0.14% of total volume, driven by industry efforts. #Binance alone helped prevent $4.2B in potential losses through proactive security measures."
According to the 2025 Crypto Crime Report released by blockchain analytics firm Chainalysis, the value received by illicit cryptocurrency addresses decreased from $46.1 billion in 2023 to $40.9 billion in 2024, representing 0.14% of total on-chain transaction volume. Chainalysis defines these transactions as funds stolen in crypto hacks and payments sent to addresses identified as belonging to illicit entities.
Binance indicated that the fact criminal crypto transactions have not grown in proportion to crypto's user base and market capitalization demonstrates progress made by industry leaders and law enforcement in enhancing security within the digital asset ecosystem. According to a post on the company's website, Binance has prioritized security, compliance, collaboration with law enforcement, user protection, and risk management, positioning the exchange as a "key contributor" to preventing illicit activity.
In 2024, Binance invested hundreds of millions of dollars in its compliance program, strengthening its team of 650 compliance professionals. The company also developed more than 50 machine learning models designed to analyze real-time data to detect scam activity. Additionally, Binance responded to more than 64,800 law enforcement requests last year, providing operational support and intelligence. The company assisted users in recovering more than $88 million in stolen or lost funds, even when incidents occurred on other platforms.
Teng joined Binance in August 2021. He previously served as CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), chief regulatory officer of the Singapore Exchange (SGX), and director of corporate finance at the Monetary Authority of Singapore. He became CEO of Binance in November 2023.