In the crypto market, the “big platform effect” has become very well known. As soon as Binance or Coinbase announces the listing of a new digital currency, the price of the digital currency rises at high rates immediately after the news spreads, and the opposite is true when announcing the deletion of a currency from trading.
Recently, amid mounting accusations and growing community concerns about possible corruption within Binance and leaks, Binance announced a reward of up to $5 million for information leading to the exposure of potentially corrupt employees.
The decision came against the backdrop of a series of allegations that Binance's cryptocurrency listing process may have been rigged, giving some traders unfair advantages.
Anti-corruption:
In a series of blog posts on X published on February 5, Binance co-founder Yi He acknowledged the community’s concerns and revealed the measures the company is taking to address such issues.
Key changes include strengthening internal governance and implementing stricter procedures to prevent information leaks by the currency listing team.
Team members found to be involved in any violations will face severe penalties, up to and including dismissal.
Binance is committed to paying rewards ranging from $10,000 to $5 million for documented reports that reveal corruption within the company.
Binance is also working to improve its protocols for dealing with its external partners to ensure the confidentiality and security of communications related to crypto listings.
Any violations in this regard will lead to de-listing and the possibility of the projects or funds in question being added to the blacklist.
Yi He also stressed the importance of strengthening technical monitoring capabilities to prevent potential exploitation of Binance’s trading pairs and advertisements.
Despite the security measures taken, Binance remains vigilant against scripts that may monitor its activity, aiming to maintain the integrity and transparency of its ecosystem.
