Crack down on account abuse and strengthen monitoring during the UAE license approval period
Binance announced stricter measures on June 27 to curb account abuse and strengthen monitoring of all account activities.
The company found that some accounts were using features to gain unfair advantages, such as obtaining more favorable rates and higher API limits. As a result, Binance said it would take measures, including suspending or terminating accounts identified as abusive, and emphasized a zero-tolerance approach to unauthorized account access. Guanzhu Public Account: Xiye Miao, Mianfei Jiatao Lun Skirt.
The affected account types include sub-accounts, custodial sub-accounts, and fund manager accounts. To ensure that account functions are not abused, Binance has further strengthened monitoring of all account usage and related activities, and launched a reporting channel to reward verified whistleblowers.
In addition, Binance has also obtained a virtual asset service provider (VASP) license for its local exchange Binance FZE from the Dubai Virtual Asset Regulatory Authority (VARA). This means that all UAE residents' accounts will need to be transferred from Binance Global Exchange to Binance FZE to comply with local regulatory requirements.
Despite regulatory progress, Binance's native token BNB continues to trade relatively flat, currently quoted at $573. Binance's recent measures reflect its commitment to maintaining a safe and fair trading environment, and with the recognition of Dubai regulators, Binance continues to lead the world in compliant cryptocurrency exchanges. For users, these enhanced protections and local regulation mean a safer trading experience, although there are still inherent risks in market volatility.
