Binance, which Freezed Hundreds of Thousands of Accounts, Announced a Delist for 7 Coins!

Recently, cryptocurrency exchanges have been facing increasing fraud and fake account attempts. This situation negatively affects both the security of investors and the prestige of the platforms. Taking action to prevent this problem, Binance made an extremely drastic move. The platform froze 297 main accounts that tried to make unfair profits and abused the system during the Megadrop event. This attack 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 made a harsh attack against the recent increase in fake accounts and fraud attempts. The platform froze 297 main accounts that tried to make unfair profits and abused the system during the Megadrop event. It turned out that these accounts belonged to a single person and he joined Megadrop using 9 thousand other KYC accounts. Binance’s risk control systems detected 102 thousand invalid accounts among more than 1 million participants in total. These accounts had infiltrated the system by purchasing the KYC information required to process on the platform and tried to gain unfair advantage.

Binance Megadrop is a platform created by Binance to introduce 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 invalid accounts on the platform using advanced risk monitoring systems. The Binance Megadrop incident has once again highlighted the issue of fake accounts and fraud that cryptocurrency platforms face.

Delist decisions also came from Binance

However, Binance decided to delist not only invalid accounts but also some cryptocurrencies with low transaction volume and liquidity. The spot process 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 the spot process and users can buy and sell these assets through different process pairs. Additionally, it was announced that the Spot Trading Bots service will be terminated for these trading pairs. These initiatives by Binance are valuable steps towards maintaining security and fair trading on the platform. Efforts against fake accounts and fraud attempts are very important to protect users’ money and maintain the prestige of the platform. Binance’s sensitivity and the measures it takes on this issue make the platform more robust for cryptocurrency investors.