On June 27, Binance announced that it was taking stricter measures to address account abuse. It was found that some account features on the platform were "misused to gain unfair advantages such as better transaction fee rate and higher API limits over other users." Abusive accounts may be suspended or terminated. 😮🔒

Binance offers a variety of account types with features such as sub-accounts, managed sub-accounts, and fund manager accounts, where malicious actors seek better trading fees. Binance does not tolerate unauthorized access to other users' accounts and has committed to taking measures such as suspension or termination of some violators. Binance will increase monitoring of all user accounts. 🕵️‍♂️🔍

Binance has also established a reporting channel for users to report abuse incidents and created a reward system for verifying reported abuse cases.

The Binance API has three different types of limits: hard, machine learning, and web application firewall limits, and appears to be abused by those looking to exploit the system.

Binance is the largest exchange in the world, with daily volume of more than $10 billion, according to CoinGecko.

It was also announced that Binance has received a Virtual Asset Service Provider (VASP) license from Dubai's Virtual Asset Regulatory Authority (VARA) for its local exchange, Binance FZE.

Binance's native token, BNB, was trading at $573 during the day at the time of writing. BNB has fared much better than its altcoin brethren in recent months, reaching an all-time high of $717 on June 6. However, the asset has fallen 20% from that peak in the last three weeks as the market correction deepens.

Binance Fights Account Abuse with Enhanced Monitoring.

What do you think about this? We are waiting your comments! 👇👇👇