Binance, Exchanges

Does Binance Have Automated Trading?

Binance, the world’s largest cryptocurrency exchange by trading volume, has launched an “automated risk management system” to protect user funds.

The system, which Binance CEO Changpeng Zhao says has been in development for “a long time,” will monitor user accounts and transactions in real-time to identify and flag suspicious activity.

Binance will then suspend or close any accounts that are found to be engaging in fraudulent or high-risk activity.

The exchange says the system is designed to “detect and prevent potential risks before they happen,” and that it will help to “further protect [users’] assets and information.”

The launch of the system comes amid a growing trend of exchanges implementing risk management systems to protect user funds.

Last month, Huobi Global launched a “risk control platform” that uses artificial intelligence (AI) to monitor user accounts and transactions.

And in January, OKEx implemented a similar system that uses AI to detect “abnormal behavior” on the exchange.

The move by Binance is likely to further bolster confidence in the exchange, which has been embroiled in a number of controversies over the past year.

In July 2018, the exchange was hacked for $32 million worth of Bitcoin (BTC). And in March 2019, Binance was forced to suspend withdrawals after a “phishing attack” led to the loss of 7,000 BTC.

Despite these incidents, Binance remains the world’s largest cryptocurrency exchange by trading volume. The exchange processed $1.

7 billion worth of trades over the 24-hour period ending on April 17, 2019, according to data from CoinMarketCap.com.

With the launch of its automated risk management system, Binance is once again taking steps to improve its security protocols and protect user funds.

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