Binance announced last week that it had permanently banned more than 600 accounts using unauthorized third-party tools.
The company announced that from now on, any accounts violating the rules of the Exchange, Binance Wallet or Binance Alpha platform or using automated tools (such as bot farms) will be permanently banned from all exchange activities and all profits from Alpha campaigns will be revoked.
Users speculated that these bans focused specifically on the ChainOpera (COAI) token. Binance, however, did not directly name any specific token, but maintained that it has a “zero tolerance policy against abuse of the Alpha platform.”
The official release from the Bourse included the following statements:
To protect our users and ensure a fair platform, last week we banned over 600 accounts that were abusing Binance Alpha and making fraudulent trades using automated tools. We are strengthening our user feedback mechanism and actively encouraging our community to report fraud. Confirmed violations will result in accounts being permanently banned from all trading campaigns, and airdrops and similar winnings will be revoked.
The exchange also announced a new rewards system to boost community engagement. This means that the first user to report a verified violation will receive a reward of up to 50% of the revenue recovered.
*This does not constitute investment advice.
