Binance Plans Three Confirmation Steps After User Reports 11,398.77 Tether (USDT) Loss

Binance plans to add three confirmation steps to payment transfers after a user said 11,398.77 Tether (USDT) was lost between separate apps, co-CEO He Yi said. He Yi said Nov. 8 that she would compensate the user with personal funds because Binance cannot directly move money from another customer's account. The user had tried to transfer funds from Binance to Binance Thailand but entered a user ID (UID) instead of an address or QR code. He Yi said the user did not carefully check at the second confirmation. The user had alleged that duplicate UIDs caused the loss. He Yi said every customer has a unique UID.

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