Binance, the world's largest cryptocurrency exchange, is ramping up measures to combat account misuse, including enhanced monitoring of all account activities. The firm has detected instances where certain account features are being exploited to gain unfair advantages, such as better fee rates and higher API limits. Binance has warned that it may suspend or terminate accounts involved in misuse. The exchange has also established a reporting channel for users to report misuse incidents, with a reward system for verified cases of misuse.

In other news, Binance has received a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA) for its local exchange in Dubai, Binance FZE. This will result in an account transition for all UAE residents from the Binance Global exchange to the newly-regulated Binance FZE exchange. Despite recent market corrections, Binance's native token, BNB, has performed well, hitting an all-time high of $717 on June 6.