Binance announces enhanced measures to combat account misuse, citing detection of unfair advantages gained through feature exploitation.
Binance announced on June 27 that it is enforcing more stringent measures to prevent account misuse, which will include additional surveillance of all account activities.
The company has recently identified instances in which specific account features on the platform are being “misused or exploited to gain unfair advantages, such as a better fee rate and higher API limits over other users.”
Binance stated that it reserves the right to suspend or terminate accounts that are discovered to be involved in misconduct.
The exchange provides a variety of account categories that possess features that have the potential to be exploited by malicious actors in search of more favorable fee rates. The following are included: fund manager accounts, managed sub-accounts, and sub-accounts.
The organization has expressed its disapproval of the provision of unauthorized access to the accounts of other users and has committed to implementing measures, including the suspension or termination of those who violate its policies. The monitoring of all user accounts by Binance will also be enhanced.
@@ Binance has also implemented a reporting channel for users to report account misuse incidents, which includes a reward system for verified cases of reported misuse.
It appears that those who are attempting to exploit the system have abused the three distinct categories of limits in the Binance API: hard, machine learning, and web application firewall limits.
According to CoinGecko, the exchange is the largest in the globe, with a daily volume exceeding $10 billion.
Binance FZE, its local exchange in Dubai, was granted a Virtual Asset Service Provider (VASP) license by Dubai’s Virtual Assets Regulatory Authority (VARA) on June 26, according to a recent announcement.
The company also announced that all UAE residents will undergo an account transition from the Binance Global exchange to the newly regulated Binance FZE exchange.
At the time of writing, the native token of the exchange, BNB, was trading at $573, remaining unchanged on the day. In recent months, BNB has performed significantly better than its altcoin peers, reaching an all-time peak of $717 on June 6, while other altcoins have experienced significant losses.
Nevertheless, the asset has experienced a 20% decline from its peak in the past three weeks as the market correction continues to intensify.
