Exchange Warns Against Third-Party Token Listing Scams
Binance, the world’s largest cryptocurrency exchange by trading volume, has issued a strong warning against fake token listing agents and announced a whistleblower reward of up to $5 million for credible reports of listing fraud. The move aims to protect projects and investors from scams exploiting the token listing process.
The exchange emphasized that projects must apply directly for token listings, avoiding any third-party intermediaries. Binance identified several individuals and entities falsely claiming to represent the platform, including Central Research, BitABC, and Fiona Lee, but clarified that this partial blacklist is not exhaustive. Users are urged to remain vigilant and report suspicious activity via the official whistleblower channel at audit@binance.com.
Binance pledged to take legal action against fraudulent brokers and will reward whistleblowers who provide valid information with up to $5 million. The company stressed that no one outside Binance is authorized to solicit fees for token listings, trading support, or other compensation.
Founded in 2017, Binance handles approximately $11 billion in daily crypto trades and lists around 440 crypto assets. Despite its market dominance, the exchange has acknowledged shortcomings in its listing process, with founder Changpeng Zhao previously noting the need for improved automation and transparency to prevent market manipulation.
This crackdown reinforces Binance’s commitment to secure, transparent token listings, reducing risks for projects and investors alike.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.