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- Binance enhances security by monitoring and addressing misuse of account features, including suspensions and terminations.
- The platform introduces a reward system for users reporting account misuse, encouraging community involvement.
- The exchange will also delist several cryptocurrencies starting June 28, 3:00 UTC.
Binance, the largest cryptocurrency exchange in the world, has rolled out new security measures to safeguard account features and maintain a level playing field for all users.
These measures target the misuse of various account types such as sub-accounts, managed sub-accounts, and fund manager accounts. Such misuse often involves gaining unfair advantages, like better fee rates and higher API limits, over other users.
Binance offers various account types, each designed for legitimate use cases. However, these accounts can be misused by bad actors seeking to bypass controls for unfair advantages.
Such actions are considered serious breaches of Binance’s Terms of Use and KYC/KYB policy. Unauthorized access to other users’ accounts undermines fairness and efficiency, negatively impacting the overall user experience.
To fight this, Binance has enhanced monitoring of all account usage and related activities. This involves investigating potential or suspected incidents of misuse and taking appropriate action, which may include suspension or termination of the relevant accounts.
“We will investigate all potential or suspected incidents of misuse and, if necessary, take action that we consider appropriate to remedy misuse, which may include, but not limited to, suspension or termination of the relevant accounts.”
– Binance
In addition to technological enhancements, Binance has established a channel for users to report any incidents of account misuse they encounter, such as unauthorized selling of access to accounts.
Users who observe or suspect misuse are encouraged to report it to Binance. Verified cases of account misuse will be rewarded, with the reward amount determined on a case-by-case basis.
Recently, Binance also made headlines by announcing the delisting of several prominent cryptocurrencies. Starting from June 28, 3:00 UTC, trading pairs such as Shiba Inu (SHIB), Chainlink (LINK), Memecoin (MEME), Blur, Metis, NFPrompt (NFP), and Osmosis (OSMO) will no longer be supported on the platform.
This decision led to initial volatility in the prices of the affected cryptocurrencies as traders adjusted their positions.
Jai Hamid
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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Jai Hamid
Jai Hamid has been covering crypto, stock markets, technology, the global economy, and the geopolitical events that affect markets for the past 6 years. She has worked with blockchain-focused publications including AMB Crypto, Coin Edition, and CryptoTale on market analyses, major companies, regulation, and macroeconomic trends. She has attended London School of Journalism and thrice shared crypto market insights on one of Africa’s top TV networks.
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