Binance Targets Fraudulent Agents With Up to $5M Whistleblower Rewards

In an official communication, Binance warned its users and project holders against fraudulent agents claiming to facilitate token listing on Binance, often in exchange for payments. To accompany this message, the exchange announced a reward of up to 5 million dollars for any credible information identifying these practices.

A strict reminder of listing rules on Binance

For Binance, projects wishing to be listed must obligatorily go through the platform’s official channels. Therefore, there is no authorized intermediary, no external agent, nor any third-party representative empowered to propose or speed up a listing.

This is how Binance published an official communication warning its community against fraudulent agents. Indeed, they claim to intervene in the listing process of tokens on its platform.

Binance emphasizes that requests must be submitted directly through the designated forms. Whether it concerns a spot market listing, futures contracts, or specific programs like Alpha Featuring. Any external solicitation requesting fees, commission, or remuneration in Binance’s name is therefore, by definition, suspicious.

This reminder aims to cut short a persistent confusion in the industry, where some actors exploit the apparent complexity of listing processes to give themselves artificial credibility.

Fake agents identified, but a broader phenomenon

In its statement, Binance explains having identified several individuals and entities presenting themselves as Binance listing agents. These actors claimed they could intervene in the listing process in exchange for payment. This sometimes happens under the guise of consulting services, incubation, or investment research.

Among the names mentioned are notably Central Research, which publicly presents itself as a financial analysis organization. Also, the crypto incubator BitABC is included, as well as some people active on social networks. They indeed claim to be former professionals of traditional markets or liquidity providers in altcoins.

Binance specifies, however, that this blacklist is partial. It does not reflect all actors involved in this type of practices. Moreover, it constitutes only a glimpse of a larger problem that goes beyond a few isolated profiles.

To fight these abuses, Binance has chosen an offensive approach. The platform offers a bounty of up to 5 million dollars to whistleblowers able to provide valid information about fraudulent brokers pretending to be Binance representatives.

They must send reports via the official channel [email protected]. Binance specifies that the information received could lead to firm measures. These include legal proceedings against identified individuals.

This initiative aims both to deter fraudsters and to encourage transparency within the community. It comes in a context where the listing process of centralized exchanges is regularly criticized for its lack of clarity, including by Binance’s founder himself, who had previously acknowledged some system flaws.