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The crypto industry has taken a major step toward cleaning up one of the oldest and most harmful types of fraud. The world's largest exchange, Binance, has publicly named and blacklisted several individuals and companies and announced rewards of up to $5,000,000 for information that helps put an end to the activities of fake "listing agents."
This decisive move is a direct blow to a long-running scam that has for years swindled millions from promising crypto projects by promising "guaranteed" token listings on the platform in exchange for huge fees.
A Clear Warning: No Intermediaries
Binance Co-Founder Yi He, in a statement on platform X, gave projects an unambiguous directive: ignore anyone who claims they can secure a listing for a fee.
Binance is offering rewards "across the internet" for gathering evidence of such fraudulent activity. Valid evidence can earn informants payouts of up to $5 million.
Key Binance rules every project must know:
The exchange does not recognize any third-party intermediaries or agents of any kind.All listing applications must be submitted directly by the project's core team through Binance's official portal.Any project found to be using such agents will be immediately disqualified and barred from future applications.
Public Blacklist and Consequences
Following an internal investigation, Binance published a partial blacklist. It includes organizations BitABC and Central Research, as well as individuals such as May (also known as Danny), Andrew Li, Suki Yang, Fiona Li, and Kenny Z. These parties falsely claimed connections to the exchange's listing team.
Notably, Central Research, according to reporter Colin Wu, invested in several projects including Fireverse and Nebula Revelation, but this did not guarantee them a listing. Of its portfolio, only the ACE token from Fusionist was listed on Binance.
The community on X welcomed the news with approval. One commentator aptly called the announcement the "darkest moment for wild listing intermediaries," highlighting the importance of clear rules and official application channels from the exchange itself.
How Should Projects and Informants Act?
Binance urges everyone to preserve all evidence of fraud: screenshots of correspondence, call recordings, payment details. These materials should be sent to the exchange's special email channel for audit. Binance is also prepared to provide legal support and sue fraudulent brokers.
The Bigger Picture: Security and Expansion
This tough move to restore order coincides with a period of active trust-building and expansion by Binance in key markets. For instance, in late November, the exchange strengthened its presence in Indonesia by adding 31 trading pairs with the Indonesian Rupiah (IDR).
The measure also follows a series of actions to audit and enhance security protocols, demonstrating the exchange's comprehensive approach to protecting the entire ecosystem.
What do you think? Are such public "crackdowns" by major players an effective way to combat fraud in the crypto industry? Share your thoughts in the comments!
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