Table of Contents
Toggle
Binance announces strengthened account monitoring
Binance’s Megadrop Witch Hunt Operation
Binance Exchange Announcement
Binance has stated that certain account functions have been abused, giving unfair advantages such as enjoying more favorable rates or higher API limits compared to other users.
Binance states that any unauthorized access to other users’ accounts is a serious violation of Binance’s terms of use and KYC/KYB policies. Such behavior not only damages users’ trust in fairness and efficiency, including the Binance platform, but also negatively impacts the experience of the majority of rule-abiding users and weakens their contributions to the platform.
Therefore, Binance has decided to take strict measures to combat account abuse and further enhance monitoring of all account usage and related activities. Binance will investigate all potential or suspected cases of abuse and take appropriate actions to rectify such behavior, including but not limited to “suspending or terminating relevant account privileges” when necessary.
In addition to technical improvements, Binance will also establish channels for users to report instances of account abuse, and rewards will be provided for any verified cases of account abuse. To report account abuse, please send an email to: [email protected].
Most account abuse issues have occurred during the trading platform’s initial offering activities. Not long ago, it was reported that someone allegedly used multiple Binance accounts to participate in the Megadrop Lista event, consolidated all the rewards into one account, and then sold them. Subsequently, Binance froze the assets and requested a refund. Binance’s official social media accounts later confirmed this news:
Furthermore, Binance also stated that the Megadrop Lista event had over 1 million participants, with approximately 10% of the accounts being identified as fraudulent accounts by risk control (this number is still being updated). After further filtering by the team, 297 main accounts were confirmed and blocked, with one of them even consolidating up to 9,000 KYC sub-accounts.
