All major companies conduct extensive internal audits from time to time. After a similar audit, Binance, one of the world’s largest cryptocurrency exchanges, revealed that the platform’s services and features could be exploited. crypto exchange, higher transaction costsThe company took action against abuses that led to unfair transactions, such as issues such as reaching API limits.

Following legal action from government officials around the world, Binance is pushing for some changes He has rolled up his sleeves. The company stated in its blog post that criminals are targeting sub-accounts, controlling sub-portfolios and using fund management accounts to bypass security measures.

Rewards for reporting suspicious transactions

Binance stated that they have started using innovative monitoring technologies to prevent such abuse and have taken necessary measures by investigating “all potential or suspected abuses.” Binance, From BtcTurk It also froze the transactions of millions of dollars in stolen crypto assets.

With the aim of making the platform even safer Binancelaunched a program to reward those who report suspicious transactions. The number of users of the cryptocurrency exchange reached 170 million by the end of 2023. On the other hand, Binance is backed by India. $2.25 million He was sentenced to a fine and charged with failing to prevent money laundering.

on the other hand Hong Kong, Turkey Many countries, like this one, are working on regulating cryptocurrencies. However, Binance $2.26 trillion continues its activities with its volume.