• Binance banned 297 accounts to counter the unfair centralization of funds within its Megadrop campaign.
• Funds from frozen fraudulent accounts are reallocated to enhance Binance’s project activities.
• Vietnamese telecom Viettel’s eKYC solution aced a fraud prevention test, setting a high-security standard.

Binance has taken action against fraudulent activities within its Megadrop campaign, banning 297 main accounts.

One notable incident involved an account that attempted to accumulate over 9,000 KYC profiles. Consequently, these accounts were frozen for attempting to unfairly centralize funds, triggering Binance’s robust risk control systems once again.

Furthermore, the funds recovered from these malicious accounts will be reinvested into the platform’s project activities. This strategic reallocation str…

The post Binance’s KYC Crackdown Underscores Importance of KYC in Web3 appeared first on Coin Edition.

• Binance banned 297 accounts to counter the unfair centralization of funds within its Megadrop campaign.
• Funds from frozen fraudulent accounts are reallocated to enhance Binance’s project activities.
• Vietnamese telecom Viettel’s eKYC solution aced a fraud prevention test, setting a high-security standard.

Binance has taken action against fraudulent activities within its Megadrop campaign, banning 297 main accounts.

One notable incident involved an account that attempted to accumulate over 9,000 KYC profiles. Consequently, these accounts were frozen for attempting to unfairly centralize funds, triggering Binance’s robust risk control systems once again.

Furthermore, the funds recovered from these malicious accounts will be reinvested into the platform’s project activities. This strategic reallocation str…

The post Binance’s KYC Crackdown Underscores Importance of KYC in Web3 appeared first on Coin Edition.