Binance, the leading cryptocurrency exchange, announced a crackdown on account misuse to safeguard platform integrity and fair trading for all users.
This move follows the identification of users exploiting account features for unfair advantages. The new measures aim to create a healthy and sustainable market environment where everyone benefits.
Binance is taking a tougher stance on account misuse, including account suspension or termination for severe violations. The exchange emphasizes the negative impact such actions have on its reputation and honest users.
While features like sub-accounts and fund manager accounts serve legitimate purposes, bad actors can misuse them to gain unauthorized access, better fees, and higher API limits. Binance considers this a serious breach of its user agreement and KYC/KYB policies.
To combat misuse, Binance has ramped up monitoring of all account activity. Users are encouraged to report suspicious behavior, with rewards offered for verified cases. The platform welcomes reports via misuse-reporting@binance.com.
