Binance Bans 600 Accounts for Misusing Alpha Program
Binance, one of the world’s largest cryptocurrency exchanges, has taken strict action against users who tried to cheat its system. On October 19, Binance’s wallet division announced on social media that it had banned over 600 accounts for abusing the Binance Alpha program.
According to the company, these users used fraudulent methods and automated tools like “bot farms” to gain unfair advantages. Binance said the bans are part of its effort to protect users and keep the trading environment fair.
“We banned more than 600 accounts that misused Binance Alpha by fraudulently using automation tools,” the company said.
Binance also warned that any account found violating its Terms of Use or misusing any platform feature can be permanently banned. The company may also take back airdrops and rewards earned through such activities.
To fight further abuse, Binance is encouraging its users to report suspicious activity. Verified reports may receive up to 50% of recovered funds as a reward. When reporting, users are asked to include clear proof such as screenshots, user IDs, IP addresses, or blockchain addresses.
Experts see this as a firm step by Binance to stop fraud and automation abuse. Supporters say that rewarding whistleblowers could help make the crypto world more transparent and self-regulated.
