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Binance Announcement
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Binance Addresses Account Misuse in Commitment to Uphold Compliance and Market Integrity
This is a general announcement. Products and services referred to here may not be available in your region.
Fellow Binancians,
We have recently detected instances where certain account features on our platform are being misused or exploited to gain unfair advantages, such as a better fee rate and higher API limits over other users.
Binance is committed to taking the necessary steps to ensure compliance, protect users, and maintain market integrity. We believe these are essential to reinforcing confidence in our exchange platform and the broader digital assets market. Our aim is to foster a healthy and sustainable market environment that always prioritizes the interests of all users.
That is why we have decided to take firmer action against the misuse of accounts.
Stricter Measures to Address Account Misuse
Our platform offers various account types, including sub-accounts, managed sub-accounts, and fund manager accounts, which all play an important role in diverse genuine use cases. However, these features also have the potential to be misused by bad actors that seek to circumvent our controls to either access or sell access to a better fee rate and higher API limits.
We consider any behavior involving unauthorized access to other users' accounts as a serious breach of our Terms of Use and KYC/KYB policy. Aside from being harmful to the fairness and efficiency that users expect from reputable platforms like Binance, such behavior detrimentally impacts the experience and diminishes the contributions of the overwhelming majority of users who play by the rules.
To ensure our account features are not being misused, we have further enhanced the monitoring of all account usage and related activities. 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.
As the industry leader, we take seriously our responsibility to lead the way - to ensure that we meet the highest compliance standards and to provide a level and fair playing field for all users. These efforts are crucial to further enhancing and safeguarding the integrity of our platform.
Reward for Reporting Misuse
In addition to technological enhancements, we are also establishing a channel for users to report any account misuse incidents they encounter (e.g., unauthorized selling of access to accounts).
Individuals that observe or suspect any cases of misuse are encouraged to report it to us. We will provide a reward for any verified case of account misuse. The reward amount will be determined on a case by case basis. Your support can make a significant impact and help improve our platform. If you would like to report a case of account misuse, please send an email to misuse-reporting@binance.com.
Together, we can ensure a compliant, fair and efficient platform for all.
Thank you for your support!
Binance Team
2024-06-27
Fellow Binancians,
We have recently detected instances where certain account features on our platform are being misused or exploited to gain unfair advantages, such as a better fee rate and higher API limits over other users.
Binance is committed to taking the necessary steps to ensure compliance, protect users, and maintain market integrity. We believe these are essential to reinforcing confidence in our exchange platform and the broader digital assets market. Our aim is to foster a healthy and sustainable market environment that always prioritizes the interests of all users.
That is why we have decided to take firmer action against the misuse of accounts.
Stricter Measures to Address Account Misuse
Our platform offers various account types, including sub-accounts, managed sub-accounts, and fund manager accounts, which all play an important role in diverse genuine use cases. However, these features also have the potential to be misused by bad actors that seek to circumvent our controls to either access or sell access to a better fee rate and higher API limits.
We consider any behavior involving unauthorized access to other users' accounts as a serious breach of our Terms of Use and KYC/KYB policy. Aside from being harmful to the fairness and efficiency that users expect from reputable platforms like Binance, such behavior detrimentally impacts the experience and diminishes the contributions of the overwhelming majority of users who play by the rules.
To ensure our account features are not being misused, we have further enhanced the monitoring of all account usage and related activities. 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.
As the industry leader, we take seriously our responsibility to lead the way - to ensure that we meet the highest compliance standards and to provide a level and fair playing field for all users. These efforts are crucial to further enhancing and safeguarding the integrity of our platform.
Reward for Reporting Misuse
In addition to technological enhancements, we are also establishing a channel for users to report any account misuse incidents they encounter (e.g., unauthorized selling of access to accounts).
Individuals that observe or suspect any cases of misuse are encouraged to report it to us. We will provide a reward for any verified case of account misuse. The reward amount will be determined on a case by case basis. Your support can make a significant impact and help improve our platform. If you would like to report a case of account misuse, please send an email to misuse-reporting@binance.com.
Together, we can ensure a compliant, fair and efficient platform for all.
Thank you for your support!
Binance Team
2024-06-27
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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