Recently, cryptocurrency exchanges have been facing increasing fraud and fake account attempts. This situation negatively affects both the security of investors and the reputation of the platforms. Taking action to prevent this problem, Binance made an extremely drastic move. The platform froze 297 main accounts that tried to gain unfair profits from the Megadrop event and abused the system. This move caused great repercussions in the cryptocurrency world. Meanwhile, the stock market made several delist announcements.
Binance frozen various accounts
Binance, the world’s largest cryptocurrency exchange, has taken a harsh action against the recent increase in fake accounts and fraud attempts. The platform froze 297 main accounts that tried to gain unfair profits and abused the system during the Megadrop event. It was revealed that these accounts belonged to a single person and he joined Megadrop using 9 thousand separate KYC accounts. In total, Binance’s risk control systems detected 102 thousand fake accounts among more than 1 million participants. These accounts had infiltrated the system by purchasing the KYC information required to trade on the platform and tried to gain unfair profits.
Binance Megadrop is a platform created by Binance to promote selected Web3 projects to users before they are listed on the platform. On this platform, users can earn airdrop rewards by completing various tasks or locking their assets on Binance. As a result, the exchange continues to detect and freeze fake accounts on the platform using advanced risk control systems. The Binance Megadrop incident once again revealed the problem of fake accounts and fraud faced by cryptocurrency platforms.
Delist decisions also came from Binance
However, Binance decided to delist not only fake accounts but also some cryptocurrencies with low trading volume and liquidity. The spot trading pairs that will be removed from the platform on June 28, 2024 are:
- BLUR/FDUSD
- LINK/TUSD
- MEME/ETH
- METIS/FDUSD
- NFP/BNB
- OSMO/BTC
- SHIB/TUSD
Binance stated that the delisted cryptocurrencies are still available in spot trading and users can buy and sell these assets through different trading pairs. It was also announced that the Spot Trading Bots service will be terminated for these trading pairs. These moves by Binance are important steps towards protecting security and fair trading on the platform. The fight against fake accounts and fraud attempts is very important to protect users’ money and protect the reputation of the platform. Binance’s sensitivity on this issue and the precautions it takes make the platform more reliable for cryptocurrency investors.
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