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In response to the crypto community about its listing process, Binance has revealed upcoming internal adjustments to prevent insider trading. Among other crucial changes, the exchange’s co-founder Yi He announced a bonus (between $10,000 and $5 million) for participants reporting corruption among the staff.
The co-founder acknowledged information leakage as a challenge and announced consequences for staff members found committing this fraud.
The trading firm will improve internal management and reshuffle the existing listing team. Data leakage could lead to termination. External partners that leak info related to currency listing may result in extension, adjustment, or even cancellation.
Moreover, Binance will improve monitoring to detect potential listing issues and ensure a safe trading environment for all users.
Yi He acknowledged user support and assured the community of Binance’s plans to bolster security, transparency, and integrity.
Ronin Network incident trigger adjustments
The adjustments follow crypto enthusiasts’ speculations about listing information leakage after Ronin Network’s RON dipped massively after listing on the exchange.
RONIN pumped for a week straight before dumping right on Binance listing announcement
Alleged insider trading of Binance listing team
Binance or Binance employees alleged frontrunning listings
Major shareholder He Yi has issued a reward to whomever whistleblows on corruption pic.twitter.com/miOxShljYL
— Dump Watcher (@DumpWatcher) February 6, 2024
The alt lost nearly 20% of value to hover at $2.84 after the Binance listing announcement. The crypto community questioned the exchange’s listing process, as RON’s price reactions indicated information leakage.
RON 1D Chart on Coinmarketcap
Significant profit booking saw RON extending the downside, losing over 25% on its daily price chart to trade at $2.55 at press time.
Meanwhile, Binance remains dedicated to ensuring a secure trading platform for crypto enthusiasts. It recently showed support for Ripple after the crypto company suffered a massive hack.
The post Binance introduces $5M reward to prevent corruption within the platform appeared first on Invezz
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