Binance Blacklists Fake Listing Agents, Offers $5M Bounty

Binance’s public notice, shared by co-CEO Yi He on social media platform X, serves as a stark warning to both projects and fraudsters. The exchange explicitly stated it is offering rewards “across the entire internet” to collect criminal evidence tied to fake listing activity, with valid tips qualifying for payouts up to $5 million. This unprecedented bounty underscores the severity with which Binance views this fraud. The core message is unequivocal: projects must ignore anyone claiming to secure guaranteed listings in return for payment.

Central to this warning is Binance’s firm disavowal of third-party intermediaries. The exchange stressed that it does not recognize such agents of any kind. All listing applications, it clarified, must come directly from a project’s core leadership team through its official portal. The policy carries a severe penalty: any project found using an outside agent will be immediately disqualified and blocked from future applications. This establishes a clear, transparent, and direct pathway for legitimate projects while attempting to dismantle the shadow economy of listing promises.

Following an internal audit, Binance published a partial blacklist, naming specific entities and individuals it accuses of falsely claiming links to its listing team. The named entities include BitABC and Central Research. Individuals identified are May (also known as Dannie), Andrew Lee, Suki Yang, Fiona Lee, and Kenny Z. The publication of names represents a significant escalation, moving from general warnings to specific public accountability.

The case of Central Research, as highlighted by blockchain reporter Colin Wu, illustrates the potential reach of these intermediaries. Colin Wu noted that Central Research had invested in several projects, including Fireverse, Nebula Revelation, AKI Network, Fusionist, and Artyfact. Of this group, only Fusionist’s ACE token has secured a Binance listing to date. This connection suggests how such agents might embed themselves within the crypto project ecosystem, leveraging perceived influence. The community reaction, as seen on X, was largely positive, with one influential commentator, Ai, describing the update as “the darkest moment for wild listing intermediaries” and praising the clarity of the new rules.

This crackdown is strategically timed as Binance works to solidify trust and expand its footprint in crucial global markets. Notably, the action comes just as the exchange has intensified its focus on Indonesia, a top-ten global market for crypto adoption. In late November, Binance added 31 new trading pairs directly tied to the Indonesian rupiah (IDR), significantly easing access for local traders to major coins. Cleansing its listing process directly supports this expansion by fostering a more trustworthy and regulated environment for new projects and users.

Simultaneously, Binance faces ongoing scrutiny over its security and compliance protocols. Earlier in November, the exchange drew criticism for freezing only a portion of the assets requested by South Korean authorities following the hack of the Upbit exchange. That incident raised concerns about coordination between major platforms in cross-jurisdictional security matters. The aggressive move against listing fraud can therefore be seen as part of a broader effort to demonstrate proactive governance and risk management, addressing one vector of ecosystem corruption head-on while other operational challenges persist.

Binance has instructed potential whistleblowers to preserve evidence such as screenshots or recordings and submit them through a dedicated audit email channel. The exchange added that it may pursue legal action against brokers confirmed to be involved in fraud. By combining a high-value bounty, a public blacklist, and the threat of legal consequences, Binance is deploying a multi-pronged strategy to deter a scam that has long exploited the opaque corners of crypto fundraising and exchange access.