Binance, the world's largest cryptocurrency exchange, is taking a series of strict measures to combat account abuse and misuse. On June 27, 2024, Binance announced that it would implement stricter monitoring policies to address account abuse on the platform.
Binance found that some account functions were improperly used to gain unfair advantages, such as more favorable rates and higher API limits than other users. In response, Binance said it may suspend or terminate accounts involved in abuse and has stepped up monitoring of all account activities.
Disable the offending account
It is reported that Binance offers a variety of account types, including sub-accounts, custody sub-accounts and fund manager accounts, the functions of which may be abused by bad actors to seek higher rates. Binance explicitly opposes unauthorized access to other people's accounts and promises to take necessary measures, including suspending or terminating illegal accounts. At the same time, Binance has also established a channel for users to report account abuse and set up a reward mechanism for verified abuse incidents.
Meanwhile, Binance API has three different types of limits: hard limits, machine learning limits, and web application firewall limits, which are abused by some who try to exploit the system. As the world's largest exchange, Binance has a daily trading volume of more than $10 billion.
Binance gets UAE license
In other related news, Binance announced that its Dubai-based exchange, Binance FZE, has been awarded a Virtual Asset Service Provider (VASP) license by the Dubai Virtual Asset Regulatory Authority (VARA) on June 26, 2024. This means that all UAE residents’ accounts will be transferred from the Binance global exchange to the newly regulated Binance FZE exchange.
As of this writing, Binance’s native token, BNB, is trading flat on the day at around $570. While BNB has outperformed other altcoins in recent months, hitting an all-time high of $717 on June 6, it has fallen 20% from its peak over the past three weeks as the market correction deepens.
Through these measures, Binance demonstrates its commitment to improving platform security and safeguarding user interests, while also continuing to expand its compliance business footprint in international markets. #币安 #安全监控 #账户滥用 #IntroToCopytrading #币安合约锦标赛
Conclusion:
By taking a series of measures to address account abuse, Binance not only demonstrated its determination to maintain a fair and secure trading environment, but also reflected its support for global compliance standards. At the same time, with the issuance of a VASP license to Binance FZE by the Dubai Virtual Asset Regulatory Authority (VARA), Binance's business in the UAE has officially entered a new stage of compliance, further consolidating its position as a leading global cryptocurrency exchange.
In the face of market fluctuations, Binance's continuous technological innovation and adherence to user interests will help build a more robust and transparent crypto asset trading ecosystem. Looking ahead, Binance will continue to play a key role in protecting user rights and promoting the healthy development of the industry.
