Crypto exchange Binance has taken serious action to safeguard fair trading by banning over 600 accounts that used unauthorized third-party tools.
Mass Account Bans in the Name of Fairness
Binance announced that it blocked more than 600 accounts last week for using unapproved third-party tools. According to the platform, this move aims to preserve fairness and trust across its ecosystem.
The affected accounts violated the terms of use of Binance Exchange, Binance Wallet, or Binance Alpha. Going forward, any user caught using such tools or breaking the platform’s rules may be permanently disqualified from all Binance-related activities.
Additionally, any profits earned through Binance Alpha events will be revoked from the offenders.
A New Approach to Security and Community
The company emphasized its commitment to protecting the rights and interests of compliant users and maintaining a level playing field for everyone. Therefore, Binance encourages its community to actively report suspicious or non-compliant activities.
Rewards for Reporting Violations
As part of its new policy, Binance is introducing rewards for users who report verified violations. The first person whose report is confirmed by the Binance team can receive up to 50% of the recovered profits from the penalized account.
The platform urges users to submit detailed reports through its official channels. Reports should include as much relevant information as possible, such as:
- Screenshots
- User ID numbers (UIDs)
- IP addresses
- Blockchain addresses
This will help Binance verify reports efficiently and take timely action.
Binance Strengthens Security and Transparency
With this move, Binance aims to enhance the security of its platform and build a more transparent and safe trading environment. The company thanked its users for their ongoing cooperation and support in creating a more secure crypto ecosystem.
Fairness is at the core of everything we do. We will continue to take decisive action against any violations.
Binance stated.
Conclusion
By blocking hundreds of accounts and implementing a reward system for reporting violations, Binance is demonstrating its commitment to fair and transparent trading. These new measures aim not only to protect the platform but also to strengthen trust within its global user base.
Frequently Asked Questions
Find answers to the most common questions below.
The accounts were banned for using unauthorized third-party tools, which violate Binance’s terms of use and compromise fair trading.
All profits generated through events like Binance Alpha will be revoked from the accounts involved in the violation.
Users can submit detailed reports through Binance’s official channels, including screenshots, UIDs, IPs, or blockchain addresses. Verified reports may receive up to 50% of reclaimed funds.
This article is for general informational purposes only and is not intended to be, and should not be construed as, legal or investment advice. Crypto-assets are highly volatile, so only invest funds that you are willing to lose and use your own research and risk management.
