Michaela
Crypto exchange Binance has suspended over 600 user accounts after detecting the use of unauthorized third-party tools, saying the move is part of its effort to maintain fairness and integrity across its Alpha platform.
Key points:
- Binance has banned over 600 accounts for using unauthorized third-party tools, citing its commitment to fairness and integrity across its Alpha platform.
- A new whistleblower reward program offers up to 50% of recovered profits to users whose verified reports expose rule-breaking accounts.
- Following a $20B market crash, Binance launched a $400M relief fund and a $100M loan program to support affected traders and restore confidence in the crypto market.
“We sincerely invite the community to participate in oversight and actively report any suspected fraudulent or non-compliant behavior to help build a safer and more transparent platform,” Binance wrote in a translated X post. Binance stated that users who employ unauthorized third-party tools or breach the terms of Binance Exchange, Binance Wallet, or Binance Alpha may face permanent suspension from all platform activities. The company also reserves the right to revoke any profits obtained through Alpha-related participation from such accounts.
Furthermore, Binance has introduced a reward program for users who report verified violations. The first individual whose report leads to confirmed action may receive up to 50% of the recovered profits from the offending accounts.
Binance is encouraging users to file reports through its official channels, urging them to provide comprehensive details, such as screenshots, user IDs, IP addresses, or blockchain addresses, to help the platform verify and investigate cases with greater accuracy and efficiency.
The move follows the recent crypto market crash, which erased roughly $20 billion in value and prompted Binance to take a series of corrective actions to stabilize its platform.
Last week, Binance introduced a $400 million relief program aimed at supporting traders affected by the recent market downturn. The exchange said $300 million worth of token vouchers, ranging in value from $4 to $6,000, will be allocated to eligible users.
The crypto exchange also plans to establish a $100 million low-interest loan fund to assist ecosystem partners and institutional users impacted by recent market volatility, aiming to ease liquidity pressures. Binance clarified that it is not liable for individual trading losses, describing the initiative instead as part of a broader effort to rebuild market confidence and stabilize the crypto sector.
Binance’s recent actions spotlight its broader strategy to reinforce market integrity and restore user confidence amid ongoing volatility. By combining stricter enforcement with targeted financial relief, the exchange appears intent on setting a higher standard for accountability within the industry.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
