Binance Takes Action Against Fraudulent Listing Agents and Promises $5 Million Bounty
Binance has issued a warning to projects about fake listing agents while offering a lucrative bounty for information to combat fraud.
Binance has publicly identified and blacklisted several individuals and firms impersonating official listing agents, offering up to $5 million in rewards for tips to combat fraud.
The exchange emphasized a direct approach against this longstanding scam, aiming to protect crypto projects from incurring hefty fees tied to misleading promises about securing token listings on its platform.
A Caution to Fraudulent Agents
In an official notice shared by Binance’s co-CEO Yi He on X (formerly Twitter), the company urged projects to disregard anyone suggesting guaranteed listings in exchange for a fee. Yi He stated that Binance would offer rewards “across the entire internet” to acquire proof related to fraudulent listing activities, mentioning that credible tips could lead to payouts of up to $5 million.
The notice reiterated Binance’s policy not to engage with third-party intermediaries, clarifying that all listing requests should originate directly from a project’s leadership team via its official platform. Projects employing outside agents will face immediate disqualification from future listings.
Blacklist Released
A partial blacklist was also revealed following an internal investigation, naming firms like BitABC and Central Research, along with individuals including Dannie May, Andrew Lee, Suki Yang, Fiona Lee, and Kenny Z. Binance claims these names falsely asserted connections to its listing team.
Blockchain reporter Colin Wu mentioned that Central Research had invested in several projects, with only the Fusionist’s ACE token successfully listing on Binance.
Ai, a commentator on X, remarked that this announcement represented “the darkest moment for wild listing intermediaries.” The influencer praised Binance for establishing transparent listing guidelines and submission processes, steering projects away from dependence on rumors or informal channels.
The company specified that whistleblowers should retain evidence like screenshots or recordings and submit them through its designated audit email, while indicating intentions to pursue legal action against verified fraudulent brokers.
Expansion Amidst Close Scrutiny
This stringent action coincides with Binance’s initiatives to reinforce trust and broaden its influence in key markets. The exchange recently turned its focus to Indonesia, introducing 31 new trading pairs connected to the Indonesian rupiah (IDR) to facilitate local traders in acquiring major cryptocurrencies. This development follows previous criticisms of Binance’s security measures, as it had come under fire for only partially freezing assets demanded by South Korean authorities in response to the November Upbit hack.
