Binance recovers $4.4 billion in digital assets from users due to deposit error

php Editor Xinyi Recently, Binance announced that it had successfully recovered $4.4 billion worth of digital assets that had been frozen due to user deposit errors. This news caused a sensation in the digital currency industry and triggered widespread attention and discussion. Binance’s move shows that it attaches great importance to the security of user assets and also provides users with a safe and reliable digital asset trading environment.

Binance has successfully recovered $4.4 billion worth of digital assets from users who made deposit errors over the past two years.

There are many reasons why funds processing may go wrong, such as entering the wrong wallet address, depositing incompatible tokens, or blockchain update issues.

Deposit recovery error

In 2022 and 2023, Binance settled 381,616 cases of users depositing crypto assets that were not credited to their accounts. . Binance said this week:

In order to promote the development of the industry and continue its early growth trend, industry leaders like Binance should make full use of their influence and resources to provide support to other participants in emerging markets to ensure that the rights and interests of users are protected and Maintain the integrity of the market space.

Binance chief security officer Jimmy Su has said that mishandling funds is likely to continue, especially as new people enter the market.

The executive added:

“This is part of the industry’s maturation process. Most newbies will face many challenges in operating their wallets securely.”

Binance’s latest move is of considerable significance at the moment, especially in light of recent developments. U.S. District Judge Richard Jones for the Western District of Washington approved the company's $4.3 billion plea agreement with the U.S. Department of Justice (DOJ).

The U.S. Department of Justice announced the settlement in November last year, accusing Binance of violating sanctions and anti-money laundering regulations for years. According to the settlement agreement, Binance will pay a $4.3 billion fine, hire an independent compliance monitor, and let the then CEO and founder CZ resign.

CZ pleaded guilty to money laundering and was released on $175 million bail. As part of the agreement, he paid a $50 million fine, and CZ has since remained in the United States, unable to return to his residence in Dubai.

Nigeria’s Crisis

While some jurisdictions face significant regulatory hurdles, Binance has run into trouble in Nigeria, where authorities detained at least two employees amid a market manipulation investigation. The Office of the National Security Adviser (ONSA) confirmed the news.

Meanwhile, Binance has removed the Nigerian currency, the naira, from its peer-to-peer (P2P) service. A week ago, presidential adviser Bayo Onanuga claimed that the crypto exchange had manipulated Nigeria’s fiat currency and exacerbated its depreciation in the foreign exchange market. The accusations surfaced amid rumors that the government was considering a ban.

However, Binance later denied the accusations.

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