Binance has announced a whistleblower reward of up to $5 million as part of a sweeping enforcement campaign targeting fraudulent third-party “listing agents” who falsely claim influence over the exchange’s token listing process.
In a transparency update published on Wednesday, the world’s largest cryptocurrency exchange warned crypto projects that any individual or firm claiming to guarantee, facilitate, or influence a Binance listing is acting illegally. The move marks one of Binance’s strongest public actions to date aimed at restoring confidence in its listing framework amid growing regulatory and community scrutiny.
Binance Launches $5 Million Whistleblower Program
The announcement comes at a sensitive moment for Binance, which has faced heightened attention following reports of alleged insider trading tied to leaked token listing information.
In its notice, Binance reiterated that all listing applications must be submitted exclusively through official channels, including Binance Alpha, Binance Futures, and Binance Spot. The exchange stressed that it does not authorize brokers, consultants, intermediaries, or third-party agents to negotiate listings on behalf of projects.
> “Any party claiming to represent Binance or offering listing-related services in exchange for payment is engaging in fraudulent behavior,” Binance stated.
To incentivize accountability, Binance said whistleblowers who submit verifiable and actionable evidence of fraudulent activity may receive rewards of up to $5 million, depending on the quality, impact, and scale of the information provided.
Internal Audit Exposes Fake Listing Facilitators
Binance revealed that an internal audit uncovered multiple cases of individuals and firms falsely presenting themselves as Binance-affiliated facilitators, while soliciting fees from project founders under the promise of guaranteed listings.
As a result, the exchange has blacklisted seven entities and individuals:
BitABC
Central Research
May / Dannie
Andrew Lee
Suki Yang
Fiona Lee
Kenny Z
According to Binance, these parties were identified for misrepresenting relationships with the exchange or offering paid listing services without authorization. The company added that legal action would be pursued where appropriate.
Blockchain data provider RootData indicates that one of the blacklisted firms, Central Research, has previously backed several crypto projects, including Fireverse, Nebula Revelation, AKI Network, Fusionist, and Artyfact. Of these, only Fusionist (ACE) currently trades on Binance. The exchange clarified that it found no direct link between the blacklist findings and prior listing decisions.
Stricter Listing Enforcement After Insider Trading Fallout
Alongside the crackdown, Binance released a detailed overview of how projects progress through its listing ecosystem—from early exposure via Binance Alpha to Futures trading and eventual Spot listings.
The exchange emphasized that:
No fees are charged for listing applications
All communications must come directly from a project’s core team
Projects using intermediaries or middlemen will be immediately disqualified from current and future listing reviews
However, Binance noted that teams who proactively report fraudulent agents may receive priority consideration, reinforcing its stance that transparency will be rewarded.
The announcement follows Binance’s confirmation earlier this month that an employee leaked confidential listing information related to the “year of the yellow fruit” meme coin. Co-CEO Yi He addressed the issue publicly, acknowledging the challenges posed by speculative behavior tied to Binance-related narratives.
> “Currently, the community is engaging in behavior unrelated to Binance by issuing coins based on Binance’s official Twitter, my statements, or words excerpted from posts. But we cannot stop posting just because someone might come looking for angles,” Yi He said.
Binance also disclosed that it had already distributed $100,000 in rewards to five whistleblowers who helped expose the misconduct.
A Broader Push to Restore Trust
Taken together, the blacklist, the multi-million-dollar bounty program, and tighter enforcement reflect a broader effort by Binance to restore trust, improve internal controls, and reinforce transparency around its listing process.
As exchanges face mounting pressure from regulators, institutions, and retail investors alike, Binance’s actions signal a shift toward zero tolerance for manipulation, insider advantage, and opaque listing practices—a critical step in maintaining credibility within an increasingly scrutinized crypto market.
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