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 outlined the official pathways and requirements for token listings on its platform, 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 claims 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 presents herself on her Chinese-language X account as a former A-share trader and altcoin liquidity provider.
The list of persons and entities identified by Binance as falsely claiming to be listing agents. Source: BinanceBinance stressed that the blacklist is not exhaustive, urging the community to be vigilant and report fraudulent activities via the official whistleblowing channel at [email protected].
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:
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.
Related: Binance denies reports of delayed action over funds linked to Upbit hack
Binance’s latest warning about fake listing agents is not the first time the exchange has addressed the issue. In September, the platform issued a separate announcement urging projects to verify individuals claiming to represent Binance through a dedicated page.
“We cannot comment on any legal matters,” a Binance spokesperson told Cointelegraph when asked about potential action against scammers posing as representatives of the exchange. “What we can share is that we reserve the right to take necessary action to protect our community and our platform from bad actors,” the representative added.
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, according to CoinGecko data.
The exchange has often been criticized for shortcomings in its token listing process, with Binance founder Changpeng “CZ” Zhao previously calling it flawed and suggesting that centralized exchanges (CEXs) should automate listings in a manner similar to decentralized exchanges (DEXs).
“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 wrote in an X post in February.
Source: https://cointelegraph.com/news/binance-crackdown-fake-token-agents-listing-process?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
