Binance enforces strict measures against account abuse
Binance, the world's largest cryptocurrency exchange, has introduced new security measures to prevent abuse of account features and increase the credibility of the platform.
The decision gave unfair advantages to certain users following abuse of accounts. The new measures aim to create a healthy and sustainable market environment that prioritizes the interests of all consumers.
Strict measures are required.
Binance has warned that strict action will be taken against account abuse, including account suspension or termination if necessary. The exchange emphasized that such misuse damages the reputation of the platform and negatively affects users who follow the rules.
The platform offers different types of accounts, sub-accounts, managed sub-accounts and fund manager accounts, which are essential for proper use cases.
However, bad actors can abuse these features to bypass controls and access better payment rates and higher application programming interface (API) limits. Binance considers any unauthorized access to another user's account a serious violation of its Terms of Use, Know Your Customer (KYC) and Know Your Business (KYB) policy.
To address account abuse, Binance has improved tracking of all account usage and related activity. The platform encourages users to report any suspected abuse and offers rewards for confirmed cases.
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The amount of the award depends on each case. Users can report abuse to misuse-reporting@binance.com.
for security efforts
Binance's efforts to improve its security measures are among its many attempts to combat security breaches.
Blockchain researcher ZackXBT praised Binance for helping the wider community during the June 22 security crisis. Although Binance has often faced criticism from the media, it mentioned that its security team is actively working to support victims and respond to problems.
According to Binance CEO Richard Teng, the exchange cooperated with the authorities to investigate the malicious attack on the Turkish crypto exchange BtcTurk, which successfully froze more than $5 million in stolen funds.
Binance is currently facing money laundering charges in Nigeria after authorities accused the company of illegally taking $26 billion out of the country.
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