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Binance Implements Stricter Measures to Combat Account Misuse and Enhance Compliance

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Binance, one of the world’s leading cryptocurrency exchanges, has announced a series of stringent measures aimed at addressing the misuse of account features on its platform. This initiative underscores Binance’s ongoing commitment to uphold compliance and maintain market integrity, reflecting its dedication to leading the industry in compliance standards and ensuring a fair trading environment for all participants.

Stricter Measures to Address Account Misuse
Binance has identified several instances where account features were being exploited to gain unfair advantages, including better fee rates and higher API limits. The platform offers various account types such as sub-accounts, managed sub-accounts, and fund manager accounts, each designed for legitimate purposes. However, these features have also been misused by bad actors attempting to circumvent controls and access or sell access to enhanced account benefits.

Enhanced Monitoring and Enforcement
To combat this misuse, Binance has enhanced its monitoring of all account usage and related activities. The exchange will rigorously investigate all potential or suspected incidents of misuse. If misuse is confirmed, Binance may suspend or terminate the relevant accounts to ensure compliance with its Terms of Use and KYC/KYB policy. This move is crucial to maintaining the fairness and efficiency users expect from reputable platforms.

Reward for Reporting Misuse
In addition to technological enhancements, Binance is establishing a dedicated channel for users to report any incidents of account misuse they encounter, such as the unauthorized selling of access to accounts. Individuals who observe or suspect misuse are encouraged to report it to Binance. The exchange has committed to providing a reward for any verified case of account misuse, with the reward amount determined on a case-by-case basis. Reports can be submitted via email to [email protected].

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Commitment to a Fair and Compliant Platform
Binance’s measures to address account misuse are a testament to its commitment to maintaining a compliant, fair, and efficient platform for all users. By fostering a healthy and sustainable market environment, Binance aims to reinforce confidence in its platform and the broader digital assets market.

Binance’s announcement of stricter measures to combat account misuse highlights its dedication to leading the industry in compliance standards. By enhancing monitoring, enforcing stricter penalties for misuse, and encouraging users to report suspicious activities, Binance is taking significant steps to ensure a level playing field for all participants. This initiative not only upholds market integrity but also strengthens user trust in Binance as a reliable and fair cryptocurrency exchange.

Source: blockchain.news

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Blockchain

RAK DAO Partners with Phoenix Group PLC (PHX) and Internet of People (IOPn) to Commit $100 Million Investment to Boost Web3 Innovation in Ras al Khaimah

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Phoenix Group PLC and IOPn commit to investing $100 million to drive innovation and attract top Web3 talent to Ras al Khaimah by 2030.

This partnership aims to create a thriving ecosystem for blockchain and digital assets in the region.

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RAK DAO, the world’s first and only Free Zone with Common Law features established to support digital assets companies, has entered into a strategic partnership with Phoenix Group and IOPn. This collaboration aims to drive innovation, foster economic growth, and further position Ras al Khaimah as a global hub for Web3 pioneers. Phoenix Group, an ADX-listed company, is a leader in web3 development in the UAE. IOPn is an integrated Web3 ecosystem that leverages blockchain, AI, and cutting-edge spatial computing.

As part of the partnership, Phoenix Group and IOPn have committed to investing $100 million into the Emirate of Ras al Khaimah by 2030 leveraging RAK DAO’s infrastructure. This substantial investment underscores Phoenix Group and IOPn’s dedication to stimulating innovation and attracting top-tier professionals to the region within the Web3 space. The partnership seeks to target, encourage and attract highly-skilled individuals in Web3, crypto, blockchain, and developer domains to the region. Phoenix Group and IOPn aim to enrich the local talent pool by leveraging initiatives such as the Golden Visa programs and RAK DAO business licenses through investment. By nurturing top-tier talent, RAK DAO, Phoenix Group and IOPn seek to create a thriving ecosystem that harnesses cutting-edge technologies – including blockchain, spatial, and cognitive solutions for economic development and sustainability.

Dr. Sameer Al Ansari, CEO of RAK DAO has expressed, “We are thrilled to welcome Phoenix Group and IOPn as RAK DAO’s Ecosystem Partners. The $100 million investment marks a significant milestone in our mission to establish Ras al Khaimah as a premier destination for Web3 innovation and talent. By leveraging Phoenix Group and IOPn’s expertise and resources, we are poised to further enrich our dynamic ecosystem that fosters cutting-edge technologies and attracts the brightest minds in the blockchain and digital asset sectors.

This collaboration underscores our commitment to driving economic growth and sustainability through technological advancements. We look forward to welcoming top-tier professionals and pioneering initiatives that will redefine the digital landscape of Ras al Khaimah.”

Mr. Seyed Mohammad Alizadehfard (Bijan), Co-founder & Group CEO of Phoenix Group, elaborated on the new strategic dimensions of the partnership, stating, “Our joint venture marks a pivotal expansion of our commitment to blockchain infrastructure aimed at enhancing the technological landscape in Ras al Khaimah. Our partnership will not only drive innovation but also strategically position the Emirate as a leading center for blockchain excellence globally.”

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Mr. Mojtaba Asadian, Founder and CEO of IOPn, added: “IOPn builds on the visionary leadership of Ras Al Khaimah and the supporting environment created by RAK DAO to provide a unique opportunity for top-rated world talent to innovate and create value. IOPn is doing this by offering a powerful new Web 3.0 ecosystem and using the significant proven capabilities of Phoenix Group. We’re thrilled to be embarking upon this partnership with RAK DAO in collaboration with Phoenix Group.”

At the heart of this collaboration lies a commitment to access and nurture top-tier talent within the blockchain and Web3 industries. By enriching the local talent pool and fostering an environment conducive to innovation, RAK DAO, Phoenix Group and IOPN aim to drive forward-thinking initiatives that redefine the landscape and highlight the Emirate of Ras al Khaimah as an attractive destination for top talent. This six-year partnership and substantial investment underscore their dedication to stimulating innovation and attracting top-tier professionals.

 

The post RAK DAO Partners with Phoenix Group PLC (PHX) and Internet of People (IOPn) to Commit $100 Million Investment to Boost Web3 Innovation in Ras al Khaimah appeared first on HIPTHER Alerts.

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Blockchain

xPortal Enhances Solana Crypto-to-Cash Experience with New Ecosystem Integrations

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 xPortal, the ultimate financial super app for everything money, developed by the MultiversX team, is thrilled to announce significant enhancements to its platform, aimed at elevating the Solana ecosystem experience for both new and existing users.

These updates include the ability to top up xPortal Debit Cards with SOL, the listing of numerous SPL tokens, and the integration of leading SOL dApps in xPortal’s Discover section, the app’s multi-chain dApp hub. This development further cements xPortal’s role as a unique bridge between the digital and physical worlds, facilitating seamless transitions from crypto to cash for holders of top cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), MultiversX (EGLD), Solana (SOL), and Polygon (MATIC).

Starting today, xPortal users can effortlessly top-up their xPortal Debit Cards with their SOL holdings. This new feature allows Solana enthusiasts to use their crypto for shopping easily and manage their finances quickly, making it simpler than ever to transition from digital assets to real-world spending power.

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Additionally, xPortal now supports over 20 Solana-based SPL tokens, providing users with expanded opportunities to manage and interact with their favorite Solana assets. The new tokens available on xPortal include $PYTH, $IO, $JTO, $WIF, $BONK, $JUP, $RAY, $BOME, $HNT, $POPCAT, $BEER, $USDT, $USDC, $LINK, $LDO, $FTM, $RPL, $SUSHI, $DADDY, and $BODEN. This extensive list ensures that users can now enjoy a comprehensive Solana experience directly from the xPortal app, with more tokens being activated weekly.

The xPortal Discover section has also been enhanced with the addition of top-tier Solana decentralized applications (dApps). Users can now explore and interact with premier Solana dApps, including Jupiter Exchange, Raydium Protocol, and Kamino Finance.

Sergiu Biris, Head of Product at MultiversX and xPortal Lead, commented on the update: “These latest developments are a testament to our dedication to providing a complete experience for our users and represent a significant step forward in our mission to bring blockchain technology into the mainstream and make crypto payments the norm.”

“We’ve spent considerable time equipping xPortal with a unique set of features that make it stand out: unmatched simplicity and ease of use, beautifully abstracted complexity, the ability to bridge physical and digital realms, and many others. We’re excited to make access to all these features ecosystem-agnostic,” Biris added.

 

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Blockchain

ChainSwap Adds BNB Chain to Their Decentralised Exchange

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ChainSwap, a multi-chain decentralized exchange (DEX), has integrated BNB Chain into its platform, adding to its growing list of supported networks. The new integration will enable users to conduct transactions on the BNB network, with plans for cross-chain transactions in the near future.

The incorporation of BNB Chain has seen ChainSwap continue to expand its multi-chain DEX, cementing its commitment to provide users with a secure platform for seamless cross-chain transactions. This is enabled by Chainlink’s Cross-Chain Interoperability Protocol (CCIP), delivering unparalleled security and privacy for transactions taking place on the platform.

Fitzy, Founder and CEO of ChainSwap, was emphatic on the importance of the new integration: “Integrating the BNB chain on our network will help our users navigate Web 3 space, and plays into our mission of growing, and becoming increasingly interoperable”.

With plans to enable cross-chain transactions between BNB Chain and other leading blockchain networks, ChainSwap aims to further expand the utility of its seamless cross-chain transactions for users.

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