Altcoins
Binance Updates WIF and These 6 Altcoins!
Binance, the largest in the world cryptocurrency exchange, has announced updates for seven altcoins. Meanwhile, recent account abuse has prompted Binance to adopt stricter integrity measures.
Binance Increases Collateral Rates for 7 Altcoins!
Major cryptocurrency exchange Binance has announced collateral rate updates for seven popular altcoins. In this context, the exchange has increased the collateral rate for Pepe Coin (PEPE) and dogwifthat (WIF) at 60%, for Lista DAO (LISTA), LayerZero (ZRO), zkSynec (ZK) and io.net (IO) at 30%. Additionally, the exchange increased the Notcoin (NOT) margin rate from 10% to 40%. In this context, the exchange made the following announcement:
Dear Binance users, Binance will update the collateral report for the following assets in Portfolio Margin starting from 06/28/2024 at 09:00. The update will complete in about an hour.
Binance recommends users to carefully monitor the Unified Maintenance Margin Ratio (uniMMR) to avoid possible liquidations or losses due to the change in the margin ratio. The exchange expects the update to complete in about an hour. Since Binance occupies an important position in the market, its updates are followed with enthusiasm cryptographic community.
Source: Binance
Exchange steps up enforcement against account misuse
Newly implemented security measures include better monitoring of various types of account activity. For example, subaccounts and managed subaccounts. While important, these types of accounts can be used for unauthorized benefits. For example: Increased API rates and limits. AS Cryptokoin.com reported, Binance has stepped up its monitoring efforts to combat this abuse. In this regard, it urges users to immediately report any suspicious activity. To encourage reporting and ensure quick action, Binance offers rewards for confirmed cases of abuse. The reward amount is determined on a case-by-case basis to reflect the severity and impact of each reported incident.
THE exchange warns that severe measures, including account suspension or termination, will be taken against anyone found in violation of the Terms of Use and Know Your Customer (KYC)/Know Your Business (KYB) policies. Unauthorized access to other users’ accounts is considered a serious violation. It also ruins the reputation of the platform and negatively affects the majority of users who follow the rules. Users are encouraged to report abuse to Binance via the dedicated email address [email protected]This proactive approach not only improves security, but also strengthens Binance’s commitment to providing a reliable and transparent trading environment for cryptocurrency enthusiasts around the world.
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