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.
