Binance Launches $5M Bounty to Expose Fake Token Listing Scammers

Binance has started a whistleblower reward program. The program offers up to $5 million for credible evidence against scammers who pretend to be official listing agents. These scammers falsely claim they can ensure token listings on Binance in return for large fees, a practice Binance says is completely fraudulent.

Binance makes it clear that real token listings are free and merit-based. Listings happen only through the official application process. The exchange does not charge evaluation fees and does not allow any third-party agents or brokers to represent it.

Binance Warns of Blocklisted Projects

To promote transparency, Binance has released a blocklist of known scammers and fraudulent groups, including BitABC, Central Research, May/Dannie, Andrew Lee, Suki Yang, Fiona Lee, and Kenny Z. The list is not complete, and Binance warns it will take legal action against violators. Projects using any of these intermediaries risk immediate disqualification and possible blocklisting.

Data from RootData shows the dangers linked to these banned entities. For example, Central Research has previously invested in projects such as Fireverse (an AI music platform on the blockchainblocklistingrk (a platform for decentralized applications), Artyfact (a GameFi metaverse), and Nebula Revelation.

Among these, only Fusionist—a Web3 gaming infrastructure with the ACE token—has been listed on Binance, and scammers may use these few successes to seem credible and trick people into paying.

Whistleblower Gets Incentives

Binance co-founder He Yi stressed that there are no fees or middlemen in real listings and revealed the company’s readiness to apprehend those involved in fraud. She stated in a post on X, “We are offering a reward across the entire internet to gather criminal evidence against intermediaries and the related fraudsters.”

She added that people who suspect fraud can report it directly to Binance’s audit team and remain anonymous. Whistleblowers who provide solid proof may earn rewards up to $5 million, depending on the quality and impact of their evidence. Binance urges the community to help protect trust and create a fairer ecosystem amid increasing scams targeting crypto projects.

The exchange advises all users and project teams to carefully review contacts and connect only through official channels to avoid losing money.

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