Binance Bans 600 Users, Offers Bounties to Curb ‘Unauthorized Tool’ Abuse

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In a dual-pronged strategy, Binance is cracking down on platform abuse while incentivizing user vigilance.

The exchange announced it banned more than 600 accounts last week for employing “unauthorized third-party tools,” a move that safeguards the integrity of events like Binance Alpha.

Alongside the bans, Binance is actively recruiting its user base to help police the platform. The company is offering a bounty of up to 50% of reclaimed profits to the first person who successfully reports each case of abuse.

This initiative targets a range of violations, from the use of unapproved trading bots to API misuse and account-sharing, all of which are strictly prohibited under the platform’s newly updated Terms of Use.