Rising cases of fraud and automation abuse are forcing major crypto platforms to take drastic measures. Cryptocurrency exchange Binance’s wallet division, Binance Wallet, announced on social media platform X on Oct. 19 that it had terminated more than 600 accounts for exploiting the Binance Alpha program.

The company said the sweeping action marks a tougher stance on fraudulent activity as part of its ongoing effort to strengthen user trust and maintain a fair trading ecosystem. The announcement states:

In-line with our commitment to protect our users and provide a fair platform, last week we banned over 600 accounts that had misused Binance Alpha by fraudulently using automated tools (e.g. ‘bot farms’).

“With immediate effect, if a reported account is verified by us to have breached the Binance Terms of Use, the Binance Wallet Terms of Use and/or misuse the Alpha platform, we reserve the right to permanently ban the account from participating in all Binance campaigns and promotions and claw back the account’s Airdrop and related earnings,” the announcement adds.

The new measures empower users to report suspicious or abusive behavior and offer rewards of up to 50% of recovered assets for verified reports. Binance urged users to include detailed evidence such as screenshots, user IDs, IP addresses, or blockchain addresses when submitting reports through its official channel. Analysts interpret this as a decisive move to curb automation-driven abuse and protect legitimate participants. Supporters of the initiative argue that incentivized reporting could help create a more transparent and self-regulated crypto ecosystem.

• Why did Binance Wallet ban over 600 accounts?
  Binance Wallet banned the accounts for exploiting its Alpha program using bot farms in violation of platform rules.
• How is Binance addressing automation abuse?
  Binance is permanently banning violators and introducing a reward system for verified fraud reports.
• What do users need to submit to report abuse?
  Users are encouraged to provide detailed proof like screenshots, IPs, user IDs, or blockchain addresses via Binance’s official channel.
• How much can users earn for reporting fraud?
  Verified reports can earn users up to 50% of the assets recovered from fraudulent accounts.

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