Let's break it down in simpler terms. When using Binance, there are certain mistakes you want to avoid at all costs because they can lead to your account getting banned and your funds being frozen. Here are the key things to watch out for:
1. Having multiple accounts: Binance allows one account per person. If you create more, even with different identities or devices, you risk getting banned permanently.
2. Market manipulation: Activities like pump-and-dump schemes, wash trading, or spoofing are strictly prohibited. Binance uses AI to monitor suspicious behavior, and if caught, you could face a lifetime ban and even legal consequences.
3. Fake or altered documents: Using fake IDs or someone else’s documents for verification will get you caught. Binance checks documents against global databases, and if you’re found out, your account will be banned, and assets locked.
4. Unauthorized trading bots: Only use bots approved by Binance. Using third-party or custom bots can get your account flagged and suspended without warning.
5. Sending crypto to risky wallets: If you send crypto to wallets linked to illegal activities or sanctioned entities, Binance’s systems will flag your account, and your funds could be frozen.
6. Sharing or selling your account: Binance accounts are non-transferable. Sharing or selling your account can lead to a permanent ban and potential loss of funds.
To stay safe on Binance, follow these simple rules:
- Stick to one account.
- Trade fairly and avoid manipulation.
- Use real documents for verification.
- Only use approved bots.
- Send crypto to reliable wallets.
- Keep your login credentials secure.
The bottom line is, Binance operates under strict rules, and any careless mistakes can end your crypto journey abruptly. Stick to the rules, trade smart, and protect your feature.
