As a researcher with a background in digital currencies and blockchain technology, I have been closely following the developments at Binance, the world’s largest cryptocurrency exchange by daily trading volume. The recent announcement made on June 27 regarding stricter measures to address account misuse is a welcomed initiative in my opinion.
Beginning on June 27, Binance disclosed plans to strengthen its procedures against account misuse. This will involve increased surveillance of all account transactions.
The company has discovered some misuses and exploitations of specific account features on our platform, resulting in unjust advantages like lower fees and expanded API limits for certain users.
Binance said that it may suspend or terminate accounts found to be involved in misuse.
Account Termination for Violators
There are several account options available on the platform, each with features that could be exploited by malicious users aiming for preferential fees. Among these are sub-accounts, managed sub-accounts, and fund manager accounts.
The company strictly disapproves of granting unauthorized access to other users’ accounts and has pledged to impose consequences, including suspensions or terminations, on offenders. Binance will also intensify its surveillance over all user accounts.
“We’ve improved our surveillance over all account actions and uses to prevent any misuse of our features.”
Binance set up a method for users to report instances of account misuse, offering rewards for verified cases.
The Binance API imposes three distinct types of restrictions: hard limits, machine learning filters, and web application firewalls. It seems that these safeguards have been manipulated by some users attempting to misuse the system.
According to CoinGecko, this exchange boasts the globe’s biggest trading volume, exceeding $10 billion every day.
Binance UAE License Approved
I’m excited to share that Binance, where I work as a researcher, recently obtained a Virtual Asset Service Provider (VASP) license from the Virtual Assets Regulatory Authority (VARA) in Dubai for our local exchange, Binance FZE. This licensing milestone was achieved on June 26.
For UAE residents, there will be a switch over to Binance FZE, the newly regulated local exchange of Binance, from the Binance Global platform.
As a market analyst, I’ve observed that Binance Coin (BNB), the native token of the Binance exchange, remained stable at $573 during my latest analysis. Compared to many other altcoins, BNB has shown remarkable strength in recent months, reaching an unprecedented peak price of $717 on June 6. In contrast, several altcoins have experienced significant declines.
Over the last three weeks, the value of the asset has dropped by 20% from its peak as the market correction intensifies.
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2024-06-28 07:18