Binance, the world’s largest cryptocurrency exchange, has implemented new security measures to prevent the misuse of account features and enhance the platform’s integrity.
This decision was prompted by the discovery of account misuse, which gave certain users unfair advantages.
The new measures aim to create a fair and sustainable market environment that prioritizes the interests of all users.
Binance has warned that it will take stricter actions against account misuse, including suspending or terminating accounts if necessary.
The exchange emphasized that such misuse damages the platform’s reputation and negatively affects the majority of users who adhere to the rules.
The platform offers various account types, including sub-accounts, managed sub-accounts, and fund manager accounts, which are essential for legitimate use cases.
However, bad actors can misuse these features to bypass controls and access better fee rates and higher application programming interface (API) limits.
Binance considers any unauthorized access to other users’ accounts a severe breach of its Terms of Use, Know Your Customer (KYC), and Know Your Business (KYB) policies.
To combat account misuse, Binance has enhanced monitoring of all account usage and related activities.
The platform encourages users to report any suspected incidents of misuse and offers a reward for verified cases.
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The reward amount will be determined on a case-by-case basis. Users can report misuse incidents to misuse-reporting@binance.com.
Binance’s efforts to enhance its security measures are part of its broader attempts to combat security breaches.
ZackXBT, a blockchain investigator, praised Binance on June 22 for its efforts in supporting the broader community during security incidents.
He noted that despite facing media criticism, Binance’s security team actively works to support victims and provide incident response, showcasing a dedication to community support that goes beyond mere words.
According to Binance CEO Richard Teng, the exchange collaborated with authorities to investigate a malicious attack on the Turkish crypto exchange BtcTurk, resulting in the successful freezing of over $5 million in stolen funds.
However, Binance currently faces money laundering charges in Nigeria, where authorities have accused the company of illegally moving $26 billion out of the country.
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