Binance said it will reward verified tips that expose fake listing agents and impersonators.
- The exchange warned that any promise of a guaranteed listing is fraudulent.
- Rewards could reach $5 million for leads that result in enforcement action.
- Binance reiterated that it does not charge listing or evaluation fees.
Binance said on Wednesday that the exchange will offer up to $5 million in rewards for verified criminal evidence tied to token listing scams.
“Offering a reward across the entire internet to collect criminal evidence related to the relevant fraudulent personnel,” co-founder He Yi said in a post on X, as translated by Google.
Binance has posted warnings about fake listing agents and scams in the past, but this is the first time the crypto exchange is offering a reward to help catch the perpetrators behind them.
BNB’s token edged 0.7% lower on Wednesday morning, trading at around $856, amid broader weakness in the crypto market. On Stocktwits, retail sentiment around the altcoin fell to ‘extremely bearish’ from ‘bearish’ territory over the past day, while chatter remained at ‘low’ levels.
Binance Targets Listing-Related Fraud
Binance said it has seen a sharp rise in scams involving impersonators posing as Binance employees, business development staff, or so-called “listing agents.” These actors often promise guaranteed listings after collecting payments, a practice Binance said is entirely fraudulent.
The exchange said it does not charge fees for project evaluations or listing applications and does not authorize any third parties to act on its behalf. Binance urged users and project teams to report any such contacts immediately through its official channels. It also warned that any project found to be using third-party listing agents will be disqualified and potentially blacklisted.
Rewards Of Up To $5 Million For Whistleblowers
Under the new policy, Binance said it will offer rewards of up to $5 million to whistleblowers who provide valid leads that result in the identification of fraudulent intermediaries. The company said it will pursue strong measures, including legal action, against those found to be involved.
Binance described the initiative as a turning point for what it called “wild listing intermediaries.” The company reiterated that it follows a structured, three-stage listing process that goes through Binance Alpha, Binance Contract, and Binance Spot. It explained that projects are evaluated at each stage based on performance, compliance, and long-term viability.
Read also: Kevin O’Leary Dumps All Crypto Except Bitcoin, Ethereum Ahead Of CLARITY Act ‘Turning Point’: Report
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