Binance Cracks Down on Fraudulent Listings with $5 Million Whistleblower Bounty Program

Binance, the world's largest Bitcoin and cryptocurrency exchange, released a significant transparency update today, detailing its official token listing process. The announcement clarifies requirements for projects seeking listings across Binance Alpha, futures, and spot markets. It explicitly warns against unauthorized third-party intermediaries who falsely claim to facilitate listings.

The exchange stressed that all listing applications must go through its dedicated official portals. Binance does not engage or authorize any external agents, brokers, or facilitators to influence decisions. Project teams are advised to avoid anyone promising guaranteed listings in exchange for fees, as such claims are fraudulent.

Key Actions and Warnings in Binance Update

Following an internal audit, Binance identified several instances where individuals and entities misrepresented themselves as connected to the exchange. These parties often solicited payments from token projects while offering no legitimate services. In response, the company has blacklisted specific names and plans to pursue legal action where evidence supports it.

The blacklisted parties include BitABC, Central Research, May or Dannie associated with Central Research, Andrew Lee from BitABC, Suki Yang, Fiona Lee with the X handle @zhuzhu813, and Kenny Z with the handle @zkenny68. Binance noted in their statement that this list is partial and based on verified reports. Projects that engage with these or similar intermediaries risk disqualification from the listing process.

To encourage community vigilance, Binance introduced a whistleblower program offering rewards up to $5 million for credible evidence of listing-related fraud. Reports can be submitted through official channels. The exchange emphasized its commitment to protecting users and maintaining fair practices.

This update builds on recent efforts to strengthen internal controls. Earlier in December, Binance addressed an incident involving an employee who leaked listing information about a memecoin, referred to as the "year of the yellow fruit." Binance suspended the employee, and new protocols were implemented to prevent similar leaks.

Overall, Binance's actions reflect ongoing work to enhance trust amid rapid market growth. The transparency update serves as a clear guideline for traders while reinforcing the exchange's stance against misconduct. As the crypto industry evolves, such measures contribute to a more secure environment for users and developers.