Binance prides traders on the chain who use bots to illegally acquire alpha points, warning them to cancel alpha points on accounts that violate the rules.
In recent notifications, Crypto Exchange is standing firm against traders deploying bots to earn points in the Alpha Rewards program. After detecting many bot-related activities, the team decided to ban the use of trading bots on the platform for fairness.
“The use of bots, including but not limited to scripts, automation tools, or other non-surgical methods, is treated as a violation,” Crypto Exchange wrote in its violation notice.
Additionally, Exchange has declared its risk control system updated to better detect and handle bot usage on its platform. If it turns out that your account has illegally acquired alpha points on the platform using trading bots, the exchange may cancel the points and impose more restrictions on your account if necessary.
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A bot is an automated software program deployed by traders based on a predefined strategy. You can trade by autonomously analyzing the situation in the live market. This means that the user can operate on a 24-hour basis without the need for lifting their fingers.
Binance’s Alpha Point program rewards users who interact with projects listed on the Binance Alpha platform. This will select popular projects in emerging projects in spaces that may be eligible for the official list. Users can earn Alpha Points by completing several tasks or reaching certain achievements.
For Binance’s Alpha Points program, bots and scripts can be used to mimic legitimate activities of scale and artificially inflate engagement metrics without users genuinely participating in new projects.
Additionally, bots can also be programmed to perform tasks repeatedly to complete tasks with the intended farming rewards and full tasks in order to earn more points.
The Binance Alpha Rewards program was previously criticized by traders for violating decentralization as it monopolizes the meme coin market by profiting from already popular projects. The mechanism was viewed as unfair as traders who have nothing to do with the project could earn rewards without really caring about the sustainability of the project.
read more: #StopbinanceAlpha: Early adopters of MemeCoins miss airdrops when most of them go to Binance Alpha users
