Binance Offers Up to $5 Million Rewards for Uncovering Insider Trading
Binance, the leading global crypto exchange, is willing to pay up to $5 million to individuals who can expose corruption in the exchange’s crypto asset listing process. The announcement came after Binance listed Ronin (RON), a gaming-focused Ethereum sidechain, which caused the asset’s price to crash by over 28.5% shortly after the public listing notice.
Internal Investigation Reveals Leak
Yi He, Binance’s co-founder and chief customer service officer, stated that an internal investigation revealed that news of the exchange’s acquisition of RON tokens for users had been leaked to the public. As a result, Binance plans to make adjustments and strengthen internal management of their crypto-asset listing process. Any future leaks will lead to canceled listings.
Reward for Exposing Leakers
In addition, Binance will offer a substantial reward to anyone who exposes individuals leaking information at the exchange. The reward ranges from $10,000 to $5 million, and those who come forward will have their identities kept confidential. This initiative aims to maintain the integrity and transparency of Binance’s operations.
About Ronin
Ronin is a gaming project launched in 2021 by Sky Mavis, the company behind the popular gaming project Axie Infinity (AXS).
Hot Take: Binance Takes Action Against Insider Trading
Binance’s decision to offer significant rewards for uncovering insider trading demonstrates its commitment to maintaining a fair and transparent marketplace. By strengthening internal management processes and encouraging individuals to come forward with information about leaks, Binance aims to prevent corruption and ensure the integrity of its asset listing process. This proactive approach sets an example for other crypto exchanges to follow in order to protect investors and maintain trust within the industry.
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