Binance Announces a New Rewards System to Kick Fraudsters Off the Platform.

All large companies conduct comprehensive internal audits from time to time. After a similar audit, Binance, one of the world's largest cryptocurrency exchanges, revealed that the platform's services and features could be exploited. The company has taken action against abuses that cause unfair transactions on the crypto exchange, such as increasing transaction fees, reaching API limits, etc. 

Following legal moves from government administrators around the world, #Binance is rolling up its sleeves for some changes.  The company stated in its blog post that criminals target sub-accounts, control sub-wallets and use fund management accounts to bypass security measures. 

Binance stated that they started using innovative monitoring technologies to prevent such abuses and took necessary actions by examining "all potential or suspected abuses". #Binance had also frozen the transactions of millions of dollars of crypto assets stolen from BtcTurk. 

Aiming to make the platform even more secure, Binance has launched a program where it will reward those who report suspicious transactions. The number of users of the cryptocurrency exchange reached 170 million by the end of 2023. On the other hand, #Binance was fined $2.25 million by India and accused of failing to prevent money laundering. 

On the other hand, many countries such as Hong Kong and Türkiye are also working to regulate cryptocurrencies. Still, Binance continues its operations with a volume of $2.26 trillion.