On June 27, Binance exchange, the world’s largest crypto asset exchange, revealed it was taking stricter measures to combat account misuse and abuse.
The world’s largest crypto asset exchange, Binance exchange, is taking stricter measures to tackle account abuse and misuse. On June 27, Binance announced that it is implementing enhanced monitoring of all account activities to address instances where certain account features are being misused or exploited to gain unfair advantages, such as better fee rates and higher API limits over other users.
Account Termination for Violators
Binance offers various account types, including sub-accounts, managed sub-accounts, and fund manager accounts. These features have the potential to be misused by bad actors seeking better fee rates. The firm has frowned upon unauthorized access to other users’ accounts and has vowed to take measures such as suspending or terminating violating accounts. Additionally, Binance exchange will increase its monitoring of all user accounts.
Binance exchange has also established a reporting channel for users to report account misuse incidents. Verified cases of reported misuse will be rewarded.
Binance API Limits and Abuse
The Binance API has three different types of limits: hard, machine learning, and web application firewall limits. Unfortunately, some users have abused these limits in an attempt to exploit the system.
Binance UAE License Approved
In related news, Binance exchange received a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA) for its local exchange in Dubai, Binance FZE, on June 26. All UAE residents will undergo an account transition from the Binance Global exchange to the newly-regulated Binance FZE exchange.
BNB Performance
Binance’s native token, BNB, was trading flat at $573 at the time of writing. Despite recent market volatility, BNB has outperformed many altcoins, reaching an all-time high of $717 on June 6. However, it has since declined by 20% from that peak as the market correction continues.
Also Read: Binance US Forced to Abandon Washington State by 20 August
