Binance has warned projects against fake listing brokers, offering up to $5 million for advice that will help stop fraudulent activity.
Binance has publicly identified and blacklisted several individuals and companies posing as official “registration agents,” offering bounties of up to $5 million for information to stop this fraud.
The direct strike against a long-running scam aims to stop crypto projects from paying high fees for false promises of getting tokens listed on the world’s largest exchange.
A clear warning to fraudulent intermediaries
In a public notice shared by Yi He, co-CEO of Binance on X, the exchange warned the projects to ignore anyone claiming to get guaranteed listings in exchange for payment.
Yi He wrote that Binance is offering “internet-wide” rewards for collecting criminal evidence related to fake listing activity, adding that valid tips could qualify for payouts of up to $5 million.
In the notice, Binance emphasized that it does not recognize any third-party intermediaries, emphasizing that all listing requests must come directly from a project’s core management team through the exchange’s official portal. He added that any project found using an outside agent will be immediately disqualified and blocked from future applications.
The exchange also published a partial blacklist following an internal audit. Names on the list included entities such as BitABC and Central Research, alongside people like May (also known as Dannie), Andrew Lee, Suki Yang, Fiona Lee and Kenny Z. Binance said these parties falsely claimed to have ties to its listing team.
Blockchain journalist Colin Wu later said that Central Research has invested in several projects, including Fireverse, Nebula Revelation, AKI Network, Fusionist and Artyfact. Of these, only Fusionist’s ACE token has so far secured a Binance listing.
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Crypto users on The influencer also praised Binance for setting clear listing rules and an official submission route, rather than letting projects rely on rumors or back channels.
The company said whistleblowers should retain evidence such as screenshots or recordings and submit them through its audit email channel, adding that it may take legal action against brokers confirmed to be involved in fraud.
Expansion and review
This crackdown comes just as Binance works to shore up trust and expand into crucial markets. In late November, the exchange turned its attention to Indonesia, one of the top ten global markets for crypto adoption, by adding 31 new trading pairs directly linked to the Indonesian Rupiah (IDR) to make it easier for local traders to purchase major coins.
The move also follows a recent review of Binance’s security protocols. Earlier this month, it drew criticism after freezing only a portion of assets requested by South Korean authorities following the November Upbit hack, a case that raised concerns about coordination between major platforms.
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