Binance warned users to avoid token listing agents and offered as much as $5 million to whistleblowers who report listing fraud.
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Binance, the world’s largest cryptocurrency exchange by trading volume, released a statement on its token listing process, cracking down on third-party involvement.
In a Wednesday announcement, Binance the official pathways and requirements for , emphasizing that projects should never engage with any third-party entities and should apply for listings directly with the exchange.
The exchange also identified several individuals and entities falsely claiming to be “Binance listing agents” offering to list on Binance in exchange for payment.
“Please exercise caution and remember that Binance does not authorize anyone to offer such services,” Binance warned, adding that the exchange is also offering significant rewards for valid information about listing fraudsters.
The list of perpetrators is not exhaustive
In a partial blacklist of fake listing agents, Binance identified seven entities and individuals, including Central Research, which on its X account to represent an investment research organization.
The list also includes the crypto incubator BitABC, as well as individuals such as Fiona Lee, who herself on her Chinese-language X account as a former A-share trader and altcoin liquidity provider.
Binance stressed that the blacklist is not exhaustive, urging the community to be vigilant and report fraudulent activities via the official whistleblowing channel at audit@binance.com.
Binance offers a bounty of up to $5 million to whistleblowers
“Binance will take strong measures, including legal action, against fraudulent brokers identified through reports,” the exchange said in the announcement.
The company has pledged to offer rewards of up to $5 million to those providing valid information about the fraudsters, stating:
“If you are contacted by any party claiming to be a Binance employee, affiliate, or representative — soliciting fees for trading support, listing assistance, or any other form of compensation — please report it to us immediately. We offer a bounty of up to $5 million to whistleblowers who provide valid information.”
The company emphasized that projects interested in listing on Binance can apply directly through official forms on respective platforms, including Spot Listing, Futures Listing and Alpha Featuring.
Founded in 2017, Binance has long been the world’s largest cryptocurrency exchange by trading volume, handling about $11 billion in daily crypto trades and listing about 440 crypto assets at the time of writing, to CoinGecko data.
The exchange has often been criticized for shortcomings in its token listing process, with Binance founder Changpeng “CZ” Zhao and suggesting that should automate listings in a manner similar to decentralized exchanges (DEXs).
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“As an observer, I think the Binance listing process is a bit broken. They announce, then list 4 hours later. The notice period is necessary, but in those 4 hours, the token prices go high on DEXes, and then people sell on CEX,” CZ in an X post in February.
Cointelegraph contacted Binance for comment on its previous handling of fraudulent listing agents but had not received a response by the time of publication.
