Binance Cracks Down on Bot Use in Alpha Points Program
- The Binance team traced a lot of bot-associated activities and decided to prohibit the use of trading bots on its platform.
- In the program, bots and scripts can be leveraged to mimic legitimate activity at scale.
Binance recently slammed on-chain traders using bots to get Alpha Points illegally, alerting that they would revoke the Alpha Points of accounts caught breaching the rule.
The recent notice from the largest crypto exchange, Binance, noted that the crypto exchange has taken a strong stand against traders who use bots to get points in its Alpha rewards system.
The Binance team traced a lot of bot-associated activities and decided to prohibit the use of trading bots on its platform in order to bring fairness. The notice writes that any use of bots, consisting but not restricted to scripts, automation tools, or other non-manual methods, will be considered a breach.
Adding more to this, the exchange highlighted that it has updated its risk control systems to find and monitor the use of bots on the platform. If it is detected that any account is using trading bots to get Alpha Points on the platform illegally, then the exchange may revoke points and may impose more limitations on the account if required.
How Do These Bots Help?
Bots are automated software programs positioned by traders to perform trades based on predefined strategies. They are capable of executing trades by analyzing live market conditions autonomously, meaning that they can operate on a 24-hour basis without the user having to lift a finger.
The Alpha Points program of Binance gives rewards to those who interact with projects registered on the Binance Alpha platform, which selects new and popular projects in the industry that could be qualified for an official listing.
Users can get Alpha Points by finishing some tasks or attaining certain achievements can be exchanged for participation in an airdrop of choice or a token generation event. In the program, bots and scripts can be leveraged to mimic legitimate activity at scale, permitting users to artificially inflate their engagement metrics without actually participating in new projects.
More than that, bots can also be programmed to perform repetitive tasks to farm rewards and finish tasks meant for the user to earn more points.
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Binance Cracks Down on Bot Use in Alpha Points Program
- The Binance team traced a lot of bot-associated activities and decided to prohibit the use of trading bots on its platform.
- In the program, bots and scripts can be leveraged to mimic legitimate activity at scale.
Binance recently slammed on-chain traders using bots to get Alpha Points illegally, alerting that they would revoke the Alpha Points of accounts caught breaching the rule.
The recent notice from the largest crypto exchange, Binance, noted that the crypto exchange has taken a strong stand against traders who use bots to get points in its Alpha rewards system.
The Binance team traced a lot of bot-associated activities and decided to prohibit the use of trading bots on its platform in order to bring fairness. The notice writes that any use of bots, consisting but not restricted to scripts, automation tools, or other non-manual methods, will be considered a breach.
Adding more to this, the exchange highlighted that it has updated its risk control systems to find and monitor the use of bots on the platform. If it is detected that any account is using trading bots to get Alpha Points on the platform illegally, then the exchange may revoke points and may impose more limitations on the account if required.
How Do These Bots Help?
Bots are automated software programs positioned by traders to perform trades based on predefined strategies. They are capable of executing trades by analyzing live market conditions autonomously, meaning that they can operate on a 24-hour basis without the user having to lift a finger.
The Alpha Points program of Binance gives rewards to those who interact with projects registered on the Binance Alpha platform, which selects new and popular projects in the industry that could be qualified for an official listing.
Users can get Alpha Points by finishing some tasks or attaining certain achievements can be exchanged for participation in an airdrop of choice or a token generation event. In the program, bots and scripts can be leveraged to mimic legitimate activity at scale, permitting users to artificially inflate their engagement metrics without actually participating in new projects.
More than that, bots can also be programmed to perform repetitive tasks to farm rewards and finish tasks meant for the user to earn more points.
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