Binance Discloses Token Listing Adjustments, Offers $5 Million Whistleblower Reward

Binance token listing

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David Pokima

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David Pokima

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David is a finance journalist and a contributor to Cryptonews.com with a keen interest in breaking comprehensive, accurate, and reliable blockchain news.

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February 6, 2024 06:00 EST

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Binance has made changes to its token listing methods after some community members alleged malpractice on the part of employees involved in the process.

Binance co-founder Yi He wrote on X (formerly Twitter) commenting on the latest community reaction, noting that internal mechanisms will be implemented and its token listing procedure adjusted.

Price Irregularities Hit When Tokens are Listed

The recent incident occurred following a price plunge for Ronin (RON) after the token was listed on Binance. Ther are reports of similar incidents with other tokens flagged by users after tracking on-chain transactions.

感谢今天所有关心币安，热爱币安，支持币安的朋友们，也收到了很多建议，我都有认真一条条看。过去偶尔有关于币安上币信息泄漏的激烈讨论，通常是一些尚未发布代币的项目，社区为了保持热度过度宣传并不鲜见；但今天RONIN上币公告发布后RONIN价格下跌引发了社区激烈讨论，经过内部调查发现是之前集成公…

— Yi He (@heyibinance) February 5, 2024

According to the executive, it is not uncommon for the community to over-promote tokens, still, RON’s recent price drop triggered heated discussions leading to new adjustments.

“The community began to discuss the listing of RONIN on Binance. After careful consideration, we have decided to list the currency now. On this basis, the following adjustments are made…” 

First, the cryptocurrency exchange will see internal changes requiring team members to enforce stricter management requirements. The goal is to effectively punish any information leakage with warnings and subsequent terminations.

Project communication and token models will be reinforced for external considerations to improve the process. Subsequently, if there is a leak, the affected token listing will be canceled.

Binance Offers $5 Million to Tighten Measures

A $10,000 to $5 million security bonus was announced to users who identify corrupt Binance staff regarding coin listings and associated incidents. This will spur community participation in the process and add an extra layer of transparency after users debate along cryptocurrency spaces.

“If you verify that Binance team members are corrupt, we will keep your identity confidential and provide you with a security vulnerability bonus of US$10,000 to US$5 million. ; It is much easier and more profitable than the rat warehouse.” 

The executive took it a step further to impose stricter measures for corrupt employees who join crypto projects. The exchange will permanently blacklist projects that hire verified corrupt employees.

Aside from checks on employees, Binance will improve technical monitoring as its current trading pairs and announcements are tracked by scripts.

Finally, the platform disclosed the required contract information, adding that it had taken a different approach previously because of the need to isolate token listing research, which paved the way for fraud.