Binance Suspends Over 600 Accounts for Using Unauthorized Tools

Global crypto exchange Binance has announced the suspension of more than 600 user accounts for violating its platform rules. The company revealed that these users were found employing unauthorized third-party tools, which breached Binance’s Terms of Use. 

Binance Cracks Down on Unauthorized Trading Tools

In a recent X post, Binance explained that it had conducted a thorough review before enforcing the bans. The affected accounts were found using unapproved trading bots, scripts, or API misuse. The exchange said these activities can compromise its platform’s user security and system integrity.

Binance warned that any account found using unauthorized third-party tools or violating the terms of Binance Exchange, Binance Wallet, or Binance Alpha will be permanently disqualified. Such accounts will lose access to all Binance services without exception. Additionally, profits earned through Alpha events by these violators may be confiscated. 

Binance further warned that continued abuse could lead to stronger enforcement measures in the future. This development comes as French authorities launch a new investigation into Binance. 

This has raised further concerns about the company’s compliance with anti-money laundering regulations.

Binance Updates Terms and Introduces Bounty to Tackle Unauthorized Activities

Binance reminded users that its updated Terms of Use, published on October 10, apply to all its services.

These include specific guidelines for specialized products like Binance Alpha. The feature allows users to discover and explore new projects before they are officially listed.

The exchange has also encouraged its community to stay alert. To encourage honesty and responsibility, Binance is offering a reward of up to 50% of recovered profits to the first verified person who reports any unauthorized activity. The goal is to motivate users to help keep the platform safe. This shows Binance’s commitment to security and transparency within its community.

Broader Developments Around Binance

Beyond the recent bans, Binance has been busy with other major moves. The exchange recently finished buying South Korea’s GOPAX. This deal is an important step in returning to the Korean market and growing its global reach. 

In September, the trading platform launched a new solution called Crypto-as-a-Service (CaaS). The initiative was built to enable businesses such as banks and financial institutions to add crypto coins services directly to their platforms. 

At the same time, the company has been addressing public claims about its operations. The company rejected allegations that it profits from token listings, describing the accusations as false and defamatory. Binance reaffirmed that it does not charge or profit from listing tokens on its platform.

In a related development, discussions about a potential pardon for Binance founder Changpeng ‘CZ’ Zhao by former U.S. President Donald Trump have resurfaced online. The debate has reignited interest in Binance’s continued influence across global crypto and political circles.