Binance seeks to improve platform security after internal analysis revealed feature and service exploitation on the platform.
The crypto exchange discovered abuse that resulted in unfair benefits, including increased charge rates and API limitations, necessitating more protections, according to Gadgets360.
After repeated legal objections from governments worldwide, Binance reassessed its user-friendliness and sought changes. It stated in a blog post that criminal actors have targeted sub-accounts, managed sub-wallets, and fund manager accounts to evade safeguards.
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Binance noted that it employs innovative technology to monitor account activity to prevent abuse. It assured that it will investigate "all potential or suspected incidents of misuse" and take necessary actions, such as suspending and terminating violating accounts.
To encourage platform security, Binance compensates users for reporting suspicious activity. It underscored that reports will significantly help improve the platform.
While under worldwide regulatory scrutiny, Binance launched this initiative. The crypto exchange platform topped 170 million users in December 2023. India fined Binance $2.25 million for violating the Prevention of Money Laundering Act of 2002. It also faced regulatory concerns in the US and Nigeria due to potential crypto regulation violations.
Hong Kong Pushes Crypto Regulation
Meanwhile, Hong Kong aims to lead the efforts regulating cryptocurrencies alongside other Asian governments. TechTimes earlier reported that the HKSAR Legislative Council formed a crypto law group.
HKSAR Legislative Council member Johnny NG Kit-Chong announced the crypto-focused subcommittee on social media. He said the panel will discuss Web3 and virtual asset regulations.
Despite financial risks, the worldwide crypto market has a valuation of $2.26 trillion.
In addition, the panel will support Web3 and AI within regulations. To increase market trust, the virtual asset subcommittee safeguards investors and consumers. Other priorities include investigations into stablecoin applications and risks in Hong Kong and regulatory measures to ensure financial stability without limiting innovation.
Last month, Hong Kong's SFC announced it would inspect crypto exchanges for AMLO compliance. Following the US, Hong Kong authorized Bitcoin and Ether ETFs in April to attract institutional investors.
Crypto Scammers' Fake Elon Musk Live Stream Reportedly Draws 30,000 Viewers
Experts detected a fake YouTube clip of Elon Musk at a Tesla event that served as a cover for a cryptocurrency scam.
According to a report from Mashable, the fraudsters broadcast Musk's speeches as live feeds on YouTube. The video is often real but looped, with an AI-generated voice imitating Musk or generic audio from Musk's presentations. On-screen visuals show a live Bitcoin discussion with links or QR codes to the scam.
This technique relies on hijacked YouTube channels with a large user base. The technique renames hacked channels with hundreds of thousands of members to mimic Musk or Tesla accounts.
After the channel goes "live," subscribers get alerts, enticing them into the scam. In the recent incident, YouTube confirmed that the hijacked channel was "Tesla" with the username "@elon.teslastream" and had over 10,000 subscribers.
The report stated that the online broadcast peaked at 30,000 concurrent viewers. YouTube's algorithm encourages views-based streams; thus, many viewers may have been bots trying to manipulate the system and get the video into more feeds.
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