Chainalysis Report Highlights Decline in Illicit Crypto Transactions in 2024 – BitRss

Blockchain analytics firm Chainalysis has reported a significant decline in illicit cryptocurrency transactions in 2024, with such activities accounting for just 0.14% of the total. This marks a substantial decrease from 0.61% in 2023, indicating progress in the fight against crypto crime.

According to the 2025 Crypto Crime report from Chainalysis, the value received by illicit cryptocurrency addresses dropped to $40.9 billion in 2024. This decline is notable given the explosive growth in users, inflows, and market capitalization, suggesting that criminal transactions have not increased in proportion.

Binance’s Role in Combating Crypto Crime

Binance has played a pivotal role in this industry-wide achievement. Through proactive prevention, recovery, and real-time risk management, Binance protected users from over $4.2 billion in potential losses in 2024. The exchange’s global collaboration with law enforcement and industry partners has been instrumental in dismantling criminal networks and enhancing digital safety.

Binance’s initiatives include the launch of the Risk Sniper channel on Binance Square, a real-time alert system that flags high-risk addresses and links. This channel also serves as an educational hub, helping users recognize and report emerging scams. Additionally, Binance’s Risk Team identified and removed over 1,000 high-risk posts, underscoring the importance of prevention as a first line of defense.

Global Collaboration and Future Outlook

Collaboration with law enforcement has been a cornerstone of Binance’s security strategy. In 2024, Binance responded to more than 64,800 law enforcement requests and provided critical intelligence and operational support. These efforts led to the dismantling of a multi-million-dollar criminal syndicate in Hong Kong, among other successes worldwide.

Binance also contributed to initiatives like the Cybercrime Atlas, hosted by the World Economic Forum, which maps and disrupts digital crime networks. By sharing intelligence and pooling resources, the Cybercrime Atlas community has vetted over 10,000 actionable data points, fueling cross-border disruption campaigns.

As the fight against crypto crime intensifies, Binance’s focus on security, compliance, and collaboration continues to shape a safer digital financial landscape. The exchange remains committed to setting new industry standards for security and user protection, ensuring that digital assets remain a tool for empowerment, not exploitation.

For more details, the full report can be accessed here.

Why This Matters: Impact, Industry Trends & Expert Insights

The recent report by Chainalysis highlights a significant reduction in illicit cryptocurrency transactions in 2024, dropping to just 0.14% of the total market volume. Binance’s proactive measures and global collaborations have been pivotal in this achievement.

Recent industry reports indicate that the volume of illicit crypto transactions declined by 24% in 2024, driven by increased law enforcement efforts and a decrease in ransomware payments. This aligns with the reported decline in illicit activities as highlighted by Chainalysis.

Expert opinions from Charles Sturt University emphasize the need for enhanced regulation and proactive measures to prevent crypto crime. This supports the ongoing efforts by entities like Binance to reduce crypto crime through global collaborations and initiatives.

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