In response to concerns involving token listing leaks, Binance has announced several adjustments and a reward program to strengthen its security and prevent insider trading activities.
In a recent tweet, Binance co-founder Yi He stated that the crypto exchange is offering rewards ranging from $10,000 to $5 million for information leading to the identification of employees involved in token listing leaks.
5）高额悬赏。欢迎所有知道任何涉及上币及其他贪腐行为的举报，如核实币安团队人员贪腐，我们将在保密你的身份同时，为您提供奖励1万美金～5百万美金，的安全漏洞奖金；比老鼠仓好赚多了，举报邮箱：audit@binance.com
— Yi He (@heyibinance) February 5, 2024
“Welcome all reports involving currency listings and other corruption. If you verify that Binance team members are corrupt, we will keep your identity confidential and provide you with a security vulnerability bonus of US$10,000 to US$5 million. ; It is much easier and more profitable than the rat warehouse,” she said on X (Twitter).
New Listing Adjustments
As part of new listing adjustments, Yi stated that Binance will implement stricter internal controls, including a “one warning, two strikes” policy for employees involved in information leaks. This, according to Yi, applies to various teams involved in the listing process, from research to announcement.
Furthermore, Yi warned that while Binance’s external business communication often involves the “improvement of project research information, communication of token models, token custody management, and communication” with project investors, leaks will result in listing cancellations, and post-announcement leaks will lead to extended listing delays or potential cancellation.
“If there is a leak, the listing will be cancelled. If any information is leaked after the announcement, the pending listing will be extended directly, and the listing will be decided based on subsequent adjustments,” she said.
The Binance boss mentioned that employees involved in information leaks and the fund they join after being fired will be listed in the permanent blacklist of the exchange.
Ronin (RON) Tanks 14% on Binance Listing
The latest announcement is in connection with the recent listing of the Ronin (RON) on Binance. The token, which has been rallying over the past week, saw its price tanked 14% after Binance’s listing announcement on February 5.
Yi explained that the price decline was due to external observers’ detection of the public chain integrated to retrieve user tokens. The leak of this activity potentially fueled speculation about Binance’s preparation to list RON, leading to the price slump.
