Binance to cancel coin listings if third-party leaks occur.
Up to $5M reward for reporting insider trading.
Employees and funds involved in corruption to be blacklisted.
Binance, a leading global cryptocurrency exchange, is taking decisive steps to combat insider trading and enhance transparency within its operations. Co-founder He Yi recently outlined a series of stringent measures aimed at deterring unethical practices. One of the most notable policies is the decision to cancel any coin listings if information about them is leaked by a third party. This move underscores Binance’s commitment to fairness and the integrity of its listing process.
感谢今天所有关心币安，热爱币安，支持币安的朋友们，也收到了很多建议，我都有认真一条条看。过去偶尔有关于币安上币信息泄漏的激烈讨论，通常是一些尚未发布代币的项目，社区为了保持热度过度宣传并不鲜见；但今天RONIN上币公告发布后RONIN价格下跌引发了社区激烈讨论，经过内部调查发现是之前集成公…
— Yi He (@heyibinance) February 5, 2024
In addition to preventing leaks, Binance is proactively encouraging the cryptocurrency community to report insider trading activities. The exchange has announced a substantial reward of up to $5 million for information that leads to the identification of such practices. This initiative not only demonstrates Binance’s zero-tolerance policy towards insider trading but also empowers community members to participate in safeguarding the ecosystem.
Furthermore, He Yi emphasized that employees found to be involved in corruption, as well as the funds they are associated with, will face severe consequences, including being placed on a blacklist. This policy extends to any external collaborators, highlighting the exchange’s comprehensive approach to eliminating unethical behavior.
Binance’s recent announcements are a clear signal of the exchange’s dedication to maintaining a fair and transparent trading environment. By implementing these measures, Binance aims to set a high standard for ethical conduct in the cryptocurrency industry, encouraging other platforms to follow suit.
In conclusion, Binance’s proactive stance against insider trading and corruption, through listing cancellations, substantial rewards for reporting, and strict blacklisting policies, marks a significant effort to foster trust and integrity within the cryptocurrency market.
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