Binance Blacklists Fake Listing Agents, Offers $5M Bounty for Fraud Tips
Binance has publicly recognized and blacklisted a number of people and firms for pretending to be official “itemizing brokers,” providing bounties as high as $5 million for data that helps cease this fraud.
The direct strike in opposition to a long-running rip-off goals to guard crypto tasks from paying massive charges for false guarantees of getting tokens listed on the world’s largest trade.
A Clear Warning to Fraudulent Intermediaries
In a public discover shared by Binance co-CEO Yi He on X, the trade warned tasks to disregard anybody claiming to safe assured listings in return for cost.
Yi He wrote that Binance is providing rewards “throughout the whole web” to gather felony proof tied to pretend itemizing exercise, including that legitimate ideas might qualify for payouts as high as $5 million.
In the discover, Binance pressured that it doesn’t acknowledge third-party intermediaries of any variety, mentioning that every one itemizing functions should come instantly from a challenge’s core management workforce by the trade’s official portal. It added that any challenge discovered utilizing an outdoor agent will probably be disqualified instantly and blocked from future functions.
The trade additionally revealed a partial blacklist following an inside audit. Names on the checklist included entities equivalent to BitABC and Central Research, alongside people like May (also called Dannie), Andrew Lee, Suki Yang, Fiona Lee, and Kenny Z. Binance stated these events falsely claimed hyperlinks to its itemizing workforce.
Blockchain reporter Colin Wu later acknowledged that Central Research had invested in a number of tasks, together with Fireverse, Nebula Revelation, AKI Network, Fusionist, and Artyfact. Of these, solely Fusionist’s ACE token has secured a Binance itemizing up to now.
Crypto customers on X welcomed the announcement, with one broadly shared submit from commentator Ai describing the replace as “the darkest second for wild itemizing intermediaries.” The influencer additionally praised Binance for laying out clear itemizing guidelines and an official submission route, quite than leaving tasks to depend on rumors or backchannels.
The agency stated whistleblowers ought to protect proof equivalent to screenshots or recordings and submit them by its audit e mail channel, including that it could pursue authorized motion in opposition to brokers confirmed to be concerned in fraud.
Expansion and Scrutiny
This crackdown has come simply as Binance is pushing to solidify belief and develop in essential markets. In late November, the trade switched consideration to Indonesia, a top-ten world market for crypto adoption, adding 31 new buying and selling pairs tied on to the Indonesian rupiah (IDR) to make it simpler for native merchants to purchase main cash.
The transfer additionally follows latest scrutiny of Binance’s safety protocols. Earlier within the month, it drew criticism after freezing solely a portion of belongings requested by South Korean authorities following the November Upbit hack, a case that raised issues about coordination between main platforms.
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