Binance officially announced that it has recently noticed the abuse of some account functions, which has gained unfair advantages, such as enjoying more favorable rates or higher API limits than other users.
Binance is committed to taking the necessary measures to ensure compliance, protect users, and maintain market credibility, with the goal of creating a healthy and sustainable market environment, and always putting the interests of all users first. Therefore, Binance has decided to take strict measures to combat account abuse.
Binance offers a variety of account types, including subaccounts, custody subaccounts, and fund management accounts, which play an important role in various applications. However, these features can also be exploited by bad actors to try to circumvent our controls to gain or sell access to accounts in order to obtain more favorable rates and higher API limits.
Any unauthorized access to other users' accounts is a serious violation of Binance's Terms of Use and KYC/KYB policies. Such behavior not only undermines users' trust in the fairness and efficiency of the Binance platform, but also negatively affects the experience of the vast majority of rule-abiding users and weakens their contribution to the platform.
To ensure that Binance account functions are not abused, we have further strengthened the monitoring of all account usage and related activities. Binance will investigate all potential or suspected abuse incidents and take appropriate measures to correct the abuse when necessary, including but not limited to suspending or terminating the relevant account usage permissions.
In addition to technical improvements, Binance has established a channel for users to report abuse so that users can report any account abuse they encounter (such as unauthorized sale of account access rights).
We encourage users to report any observed or suspected account abuse to Binance. We will provide rewards for any verified cases of account abuse. The amount of the reward will be determined on a case-by-case basis. To report account abuse, please send an email to misuse-reporting@binance.com. #SEC败诉