Binance Cracks Down on Fraudulent Listings, Offering $5M Whistleblower Reward

Top cryptocurrency exchange Binance has given an update on its listings across Alpha, futures, and spot markets.

The trading platform touched on community alerts for fraudulent third-party impersonation. It’s offering a reward of up to $5 million for evidence against these fake intermediaries.

This reflects Binance’s commitment to upholding user protection, regulatory compliance, and long-term project quality.

Binance Releases Transparency Update For Listing

The cryptocurrency market is evolving, and amid this advancement, Binance says it has chosen to stay committed to fostering a transparent and structured listing framework.

The exchange released a transparency update on December 17, sharing details about how projects must navigate its listing process across Alpha, futures, and spot markets. It also warned “Binancians” of individuals posing as third-party “listing agents.”

The exchange claims most of these entities are engaging in fraudulent activity, and it intends to curtail their activities.

Going forward, token teams are required to submit listing applications exclusively through their official channels. This does not mean that Binance is authorizing external brokers or intermediaries to negotiate or influence listing outcomes.

The exchange stated that it has previously seen multiple individuals or firms misrepresenting themselves as Binance-affiliated facilitators.

Some have even charged fees or solicited payments from project founders. To address this, Binance has now published its formal listing framework to prevent such misconduct.

Projects are encouraged to report any claim of a Binance representative outside its application portals. There is a reward of up to $5 million for verifiable evidence of wrongdoing.

The goal is to encourage innovation but not lose sight of user protection, regulatory compliance, and long-term project quality.

Binance Launches Two Top Projects For Users

In recent months, Binance has been engaging with various projects. Two weeks ago, it launched the Binance Junior app, enabling children aged 6-17 to save and earn crypto under full parental supervision.

The platform is focused on preparing these children for a digital financial future. With the app, they get to build their own crypto wealth and savings.

Just before that, Binance launched the Deleted Account Service, allowing former users to retrieve their transactional reports. With this service, ex-users no longer need to wait for the exchange’s Data Protection Office (DPO) to access their data.

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