Last week, Binance announced that it had permanently banned over 600 accounts found to be using fraudulent third-party tools.
Going forward, the company announced that any account found to be violating Exchange, Binance Wallet, or Binance Alpha platform rules or using automated tools (such as bot farms) will be permanently banned from all Exchange activity and profits from Alpha campaigns will be revoked.
Users speculate that these bans are specifically focused on the ChainOpera (COAI) token. However, Binance did not name any specific tokens directly, but claimed that it has a “zero tolerance policy for abuse of the Alpha platform.”
The official statement released by the stock exchange included the following statement:
To protect our users and ensure a fair platform, last week we banned over 600 accounts that were abusing Binance Alpha and using automated tools to conduct fraudulent transactions. We have strengthened our user feedback mechanisms and actively encourage our community to report abuse. If a violation is confirmed, your account will be permanently banned from all exchange campaigns and any airdrops or similar earnings will be cancelled.
The exchange also announced a new reward system to encourage community participation. This means that the first user to report a confirmed breach will receive a reward of up to 50% of recovered revenue.
*This is not investment advice.
