How Binance Protects its Community and Brand with BrandBastion Safety

OVERVIEW

Fighting spam, scam,fake information and fraudulent activities on social media

Cryptocurrency exchange platforms have become increasingly popular over the years, attracting both legitimate users and fraudsters. The open and decentralized nature of cryptocurrency markets makes them particularly vulnerable to spammers, scammers, and other malicious actors who seek to spread fake information, phishing scams, and other fraudulent activities on social media.

Nearly half the people who reported losing crypto to a scam since 2021 said it started with an ad, post, or message on a social media platform. This is very harmful to the reputation of cryptocurrency companies, as most of these damaging comments are left on the comment section of the brand’s social accounts: scams, spam, brand impersonations, referral codes, personally identifiable information (PII), repeated content, unsolicited sales or inappropriate comments.

Social media moderation has become essential to fight this breeding ground for fraudulent activities and maintain a safe and trustworthy ecosystem.

THEIR STORY

About The Brand

Binance is a global cryptocurrency exchange platform that allows users to buy, sell, and trade various cryptocurrencies. As the world’s leading blockchain ecosystem, Binance has a significant user and follower base on social media platforms, making it a popular target for spammers, scammers, and trolls.

User protection is a top priority for the global social media team. Still, due to the sheer volume of content generated by its users, Binance decided to be proactive and look for a better way to moderate these comments.

CHALLENGES

Moderating multilingual conversations at scale

As a leading cryptocurrency exchange with a global presence, Binance faced the challenge of ensuring brand safety and protecting their community from harmful comments, spam, hate speech, and scams. With millions of users generating comments in dozens of languages, Binance needed a solution that could monitor conversations 24/7 in real-time and moderate the harmful comments.

Recognizing the importance of proactively moderating conversations to protect their users' safety and brand reputation, Binance sought a partner to help them monitor and moderate conversations at scale to ensure customer trust and drive better conversations.

With the increasing volume of comments and spam, we were concerned about user protection and how harmful comments could impact our brand reputation and trust. We needed an efficient solution to moderate social media conversations across our global online community and create a more secure space for our users to engage with us.”

- Jason Murphy, Global Social Media Specialist

THE SOLUTION: BRANDBASTION SAFETY

Protecting Binance's community

Binance took action to fight scammers, spammers, and other malicious actors to protect its community from harmful content online:

BrandBastion monitors all comments in real-time with 24/7 coverage in 109 languages.
BrandBastion moderates harmful content such as spam, scam, violent or inappropriate comments that could harm the community. On average, 118,788* spam comments are hidden per month.
BrandBastion moderates offensive and discriminatory comments that are sensitive in nature.

THE SOLUTION: BRANDBASTION INTELLIGENCE

Using social media intelligence to inform marketing decisions

Binance has full visibility into all actions taken by BrandBastion and can explore all comments in one place with data-driven insights:

BrandBastion platform allows the team to listen to social media conversations in real-time.
The social intelligence insights enable Binance to analyze brand health and understand their brand safety and suitability risks: we tag each harmful comment Binance receives with a moderation tag.
The team can compare the brand's sentiment across different campaigns or creatives and assess content resonance to optimize their marketing strategy while focusing on user protection.

The insights and analytics provided by BrandBastion are incredibly valuable. With sentiment analysis and comment tagging, we can quickly identify patterns and trends in our community's feedback. This has allowed us to make more informed, data-driven decisions and protect our brand reputation.

Jason MurphyGlobal Social Media Specialist

THE RESULTS

How Binance's Moderation Strategy Led to Better Conversations

After implementing BrandBastion Safety, Binance experienced significant improvements in their social media conversations management:

Monitoring brand safety and suitability risks and hiding harmful comments 24/7/365 has helped Binance to create a safer place for people to discuss and drive meaningful conversations, resulting in a +104% increase in conversation rate.
Identifying spam/scam and removing +3,715% comments has helped Binance to proactively defend its community from bad actors.
By outsourcing social media moderation to BrandBastion, Binance saved 3,807 hours of employee time ³. This is equivalent to saving resources for ~ 7 full-time employees who would have been needed to handle the moderation workload without BrandBastion's service.

BrandBastion's fully managed moderation solution has helped us to proactively moderate conversations at scale, protect our brand reputation, and enhance customer trust. The solution has saved us a lot of time, increased our efficiency, and improved the quality of our social media conversations. We are very pleased with the results, and we highly recommend BrandBastion to other companies facing similar challenges.