Binance Co-founder Unveils $5 Million Reward for Reporting Insider Trading

Following a 20% drop in the RONIN Network token‘s value upon its listing on Binance, speculations emerged regarding the possible leakage of listing information on the exchange. Binance co-founder Yi He has since provided a comprehensive explanation addressing these rumors.

Binance Co-Founder Warns of Listing Cancellations

Yi He, the co-founder of Binance addressed concerns and discussions within the community regarding the recent listing of RONIN. She acknowledged the issue of information leakage and announced internal adjustments, including stricter measures and consequences for any team members involved in listing processes found leaking information. She said:

1. Internal Adjustments: Binance will enhance internal management and fire isolation within the currency listing group. Any information leakage within the project may result in warnings and termination.
2. External Partners: External business communication processes, including project research and token models, will be improved. Any leaks related to project currency listing information will lead to listing cancellations, extensions, or adjustments.
3. Technical Monitoring: Binance will further enhance technical monitoring to detect and address potential issues. This includes monitoring trading pairs and announcements, even though the content is encrypted, to ensure a secure environment for users.

Yi He expressed gratitude for the community’s support and assured users of ongoing efforts to maintain transparency, security, and integrity in Binance’s operations.

$5 Million In Rewards

Binance co-founder Yi He has also unveiled a reward program aimed at encouraging reports related to currency listings and potential corruption within the platform. She emphasizes the platform’s commitment to transparency and integrity by offering substantial rewards for verified information.

Yi He outlines the reward structure, stating that individuals who provide verified reports of corruption involving Binance team members will receive a security vulnerability bonus ranging from US$10,000 to US$5 million. Importantly, Binance will also keep the identities of those reporting corruption confidential to ensure their safety.

To further deter any post-termination activities, Yi He announces that verified corrupt employees who subsequently join other projects or funds will lead to the blacklisting of the corresponding projects and funds on Binance permanently. Additionally, major funds are invited to contact Binance for thorough background checks before extending any offers, reinforcing the platform’s commitment to maintaining a corruption-free ecosystem.

This initiative aligns with Binance’s ongoing efforts to uphold high standards of security, trust, and ethical conduct within its operations.