Binance announces increased account monitoring
Binance exchange issued an announcement today stating that some account functions have been abused, and this behavior has obtained unfair advantages, such as enjoying more favorable rates or higher API limits than other users.
Binance stated that any behavior involving unauthorized access to other user 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.
Therefore, Binance has decided to take strict measures to combat account abuse and further strengthen monitoring of all account usage and related activities. Binance will investigate all potential or suspected abuse incidents and, if necessary, take appropriate measures to correct the abuse, including but not limited to "suspension or termination of relevant account access."
In addition to technical improvements, Binance will also establish a channel for users to report abuse, so that users can report any account abuse they encounter, and will provide rewards for any verified cases of account abuse. To report account abuse, you can send an email to: misuse-reporting@binance.com.
Binance Megadrop Witch Hunt
Most of the account abuse problems occur due to the trading platform's new activity. Not long ago, it was reported that someone was suspected of participating in the Megadrop Lista activity through several Binance accounts. After receiving the rewards, they were all collected into the same account and sold. Later, Binance froze the assets and asked for return. Binance officials subsequently confirmed the news through their social platform account:
"So far, a total of 297 main accounts have been banned in the Megadrop activity, and one of them even summarized up to 9,000 KYC accounts. We always insist on leaving benefits to real users, and the funds recovered from the malicious witch account freeze will continue to be used for the project The activity gives back to real users. We will continue to crack down on these malicious witches who harm the interests of real users and project parties, and will never compromise."
The above is basically true. Someone purchased a large amount of KYC to obtain Megadrop rewards in batches. After being controlled by the system, he tried to collect the funds into one account in an attempt to escape, which triggered the risk control again and was frozen. So far, the Megadrop event has banned a total of 297 main accounts, one of which even collected up to 9,000 KYC...
— Binance Web3 (@Web3WithBinance) June 25, 2024
In addition, Binance also stated that there were more than 1 million participants in the Megadrop Lista activity, and about 1/10 of the accounts were identified as fraudulent accounts by risk control (this number is still being continuously updated). After further filtering by the team, , 297 main accounts were finally confirmed and blocked, and one of them even collected up to 9,000 KYC accounts.
This article Binance announced that it will strictly crack down on account abuse and allows users to report and receive rewards! First appeared in Zombit.
