Binance, the leading cryptocurrency exchange based on trading volume, has issued a warning to its users regarding fraudulent token listing agents. The exchange is now offering a reward of up to $5 million for whistleblowers who provide information about these scams.

In an announcement published on Wednesday, Binance detailed the official procedures and requirements for token listings on its platform, insisting that projects must not interact with third-party agents and should apply directly to the exchange for listings.

The exchange has publicly named various individuals and organizations that falsely position themselves as ‘Binance listing agents’ who promise listings for a fee, among them BitABC and Central Research.

“Please exercise caution and remember that Binance does not authorize anyone to offer such services,” Binance noted. They further emphasized that substantial rewards are available for accurate tips regarding these fraudsters.

The list of identified fraudsters is not comprehensive

In a partial list of these impostors, Binance highlighted seven suspects, including Central Research, which boasts on its account on X (formerly Twitter) of being an investment research firm.

This group also mentions the crypto incubator BitABC and an individual known as Fiona Lee, who claims on her Chinese-language X account that she is a former trader and provides liquidity for altcoins.

List of fraudulent agents identified by Binance The list of persons and entities identified by Binance for falsely claiming to be fake listing agents. Source: Binance

Binance urged the community to stay alert and notify them about fraudulent actions through their official whistleblowing channel at [email protected].

Binance promises a reward of $5 million for whistleblowers

In the announcement, Binance stated:

“Binance will take strong measures, including legal action, against fraudulent brokers identified through reports.”

Moreover, the company has committed to offering rewards of up to $5 million for valid information regarding these frauds, highlighting:

“If you are contacted by any party claiming to be a Binance employee, affiliate, or representative — soliciting fees for trading support, listing assistance, or any other form of compensation — please report it to us immediately. We offer a bounty of up to $5 million to whistleblowers who provide valid information.”

The company stressed that businesses wanting to list on Binance should use the official application channels available, such as Spot Listing, Futures Listing, and Alpha Featuring.

Founded in 2017, Binance has established itself as the world’s largest cryptocurrency exchange by trading volume, boasting approximately $11 billion in daily trades and featuring around 440 crypto assets as of the current date, according to data from CoinGecko.

The exchange has frequently faced criticism over its token listing process, with Binance’s founder, Changpeng ‘CZ’ Zhao, previously commenting that the system is flawed and suggesting that centralized exchanges should implement listing procedures akin to those of decentralized exchanges (DEXs).

Related:

Binance denies reports of delayed action over funds linked to Upbit hack

“As an observer, I believe the Binance listing process is somewhat broken. They announce, then list four hours later. The notice period is important, but during those four hours, tokens’ prices surge on DEXes, and then people sell on CEX,” CZ mentioned in a post on X in February.

Cointelegraph reached out to Binance for comments concerning their previous handling of fraudulent listing agents; however, a response had not been received at the time of this article’s publication.