You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

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

Binance has modified its approaches to token listing following allegations of misconduct by certain employees participating in the process, as raised by some members of the community.

Yi He, the co-founder of Binance, posted on X (formerly known as Twitter) addressing the recent community feedback. She mentioned that internal mechanisms will be introduced, and adjustments will be made to the token listing procedure.

Price Irregularities Hit When Tokens are Listed

The recent incident occurred in the aftermath of a price decline for Ronin (RON) shortly after it was listed on Binance. Similar incidents have been reported with other tokens, as users have identified issues through on-chain transaction tracking.

According to the executive, it’s not uncommon for the community to excessively promote tokens, but the recent drop in RON’s price prompted intense discussions, leading to new adjustments.

“The community initiated discussions regarding the listing of RONIN on Binance. After careful deliberation, we have decided to proceed with listing the currency. Along these lines, we are implementing the following changes…”

Firstly, the cryptocurrency exchange will undergo internal changes that will require team members to adhere to stricter management requirements. The objective is to effectively deter any information leaks through warnings and potential terminations.

Enhancements will be made in project communication and token models to address external concerns and streamline the process. Consequently, if a leak does occur, the listing of the affected token will be canceled.

Binance Offers $5 Million to Tighten Measures

Binance has announced a security bonus program ranging from $10,000 to $5 million for users who can identify corrupt Binance staff involved in questionable coin listings and related incidents. This move is aimed at encouraging community engagement in the process and enhancing transparency, following extensive discussions within cryptocurrency communities.

“If you can confirm the involvement of corrupt Binance team members, we will maintain your anonymity and reward you with a security vulnerability bonus ranging from $10,000 to $5 million. This approach is more convenient and financially rewarding than traditional whistleblower channels.”

The executive has taken additional steps to impose stricter measures on employees involved in crypto projects who engage in corruption. Binance will permanently blacklist projects that hire individuals with verified corrupt backgrounds.

In addition to scrutinizing employees, Binance will enhance its technical monitoring, as its current trading pairs and announcements are being monitored by scripts.

Finally, the platform has revealed the necessary contract information, acknowledging that they had previously taken a different approach due to the need to separate token listing research, which had inadvertently facilitated fraudulent activities.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

Coinbase Unveils Two New Wallet Solutions Aimed at Easing Crypto Onboarding
01.03.2024By
Worldcoin Developer Acquires Solana-Based Digital Wallet Ottr
01.03.2024By
Web3 Lost Over $200 Million to Hackers in Two Months of 2024, More to Come – Immunefi
01.03.2024By

Latest news

Coinbase Unveils Two New Wallet Solutions Aimed at Easing Crypto Onboarding
01.03.2024
Worldcoin Developer Acquires Solana-Based Digital Wallet Ottr
01.03.2024
Web3 Lost Over $200 Million to Hackers in Two Months of 2024, More to Come – Immunefi
01.03.2024
Musée d’Orsay Breaks New Ground with On-Chain Exhibition and NFT Auction
01.03.2024
Crypto Lender Ledn Now Offers ETH-Backed Loans to Meet Growing Demand
01.03.2024
BlackRock to Launch Brazil’s First Bitcoin ETF on March 1
01.03.2024
Traditional Banking Titans Bank of America and Wells Fargo Look to Offer Bitcoin ETF Access
01.03.2024
Telegram to Launch Advertising Platform Using TON Blockchain
29.02.2024
3 Crypto Experts Predict This New Coin Might 50x In March
29.02.2024
Expert Take: Rising DeFi TVL is Silencing the Doubters
29.02.2024