Introduction
Binance has announced measures to combat the misuse of account features on its platform. These actions aim to prevent unfair advantages such as better fee rates.
Enhanced Monitoring and Reporting
Binance will implement enhanced monitoring, investigations, and user reporting channels. Users can report misuse and receive rewards for verified cases.
Identifying Misuse
Binance detected that certain account features were being exploited for unfair advantages like better fee rates and higher API limits. The platform offers various account types, including sub-accounts and fund manager accounts. Some users have misused these features to circumvent controls.
Measures Taken
To prevent misuse, Binance will enhance monitoring of all account activities. They will investigate suspected incidents and take appropriate actions, such as suspending or terminating accounts if necessary.
Reward for Reporting Misuse
Binance encourages users to report misuse incidents, such as unauthorized selling of account access. Verified reports will earn a reward, determined on a case-by-case basis.
Conclusion
Binance’s new measures aim to uphold compliance and ensure fair use of account features. Users can contribute by reporting any misuse they encounter.
