Cryptocurrency exchanges are struggling with increasing fraud and fake account login attempts. This situation not only threatens the security of investors but also can damage the reputation of the platforms. Standing out by taking precautions against this issue, Binance made a very strict decision. The platform froze 297 main accounts trying to gain unfair profits and abuse the system during the Megadrop event.
As a result of Binance’s investigations, it was determined that these accounts belonged to a single person and participated in Megadrop using 9,000 different identity verification accounts. Risk control systems identified 102,000 fake accounts among over 1 million participants. These accounts tried to gain unfair profits by infiltrating the platform.
Binance Delist Decisions and Trading Pairs
Besides combating fake accounts, Binance decided to delist some cryptocurrencies with low trading volume and liquidity. Among the spot trading pairs to be removed on June 28, 2024, are BLUR/FDUSD, LINK/TUSD, MEME/ETH, METIS/FDUSD, NFP/BNB, OSMO/BTC, SHIB/TUSD.
It was announced that the delisted cryptocurrencies are still on the platform and users can buy and sell these assets through different trading pairs. Additionally, it was announced that the Spot Trading Bots service will end for these trading pairs. These decisions taken by Binance demonstrate the platform’s commitment to security and fair trade.