Binance blacklists fake listing agents and offers $5 million bounty for fraud tips

Binance has warned projects about fake listing brokers and is offering up to $5 million for tips that can help stop fraudulent activity.

Binance has publicly identified and blacklisted several individuals and companies for posing as official listing agents, offering bounties of up to $5 million for information that helps stop this fraud.

The direct attack on a long-running scam aims to protect crypto projects from paying high fees for false promises to get tokens listed on the world’s largest exchange.

A clear warning for fraudulent intermediaries

In a public notice shared by Binance co-CEO Yi He on X, the exchange warned projects to ignore anyone claiming to obtain guaranteed listings in exchange for payment.

Yi He wrote that Binance is offering rewards “across the internet” to collect criminal evidence linked to fake listing activity, adding that valid tips could be eligible for payouts of up to $5 million.

In the notice, Binance emphasizes that it does not recognize any third-party intermediaries, noting that all listing requests must come directly from a project’s core leadership team through the exchange’s official portal. It added that any project found using a third-party agent will be immediately disqualified and blocked from future applications.

The exchange also published a partial blacklist following an internal audit. Names on the list include entities like BitABC and Central Research, in addition to individuals like May (aka Dannie), Andrew Lee, Suki Yang, Fiona Lee and Kenny Z. Binance said these parties falsely claimed links to the listing team.

Blockchain reporter Colin Wu later stated that Central Research had invested in several projects including Fireverse, Nebula Revelation, AKI Network, Fusionist and Artyfact. Of these, only Fusionist’s ACE token has secured a Binance listing so far.

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Crypto users on X welcomed the announcement, with a widely shared post from commenter Ai to describe the update as “the darkest moment for wild-quote intermediaries.” The influencer also praised Binance for establishing clear listing rules and an official submission route, rather than letting projects rely on rumors or backchannels.

The company said whistleblowers should retain evidence such as screenshots or recordings and submit them through its audit email channel, adding that it may take legal action against brokers confirmed to be involved in fraud.

Expansion and control

This crackdown comes just as Binance is pushing to strengthen and expand trust in crucial markets. In late November, the exchange shifted its focus to Indonesia, a top ten global crypto adoption market, and added 31 new trading pairs directly pegged to the Indonesian Rupiah (IDR) to make it easier for local traders to buy major coins.

The move also follows recent investigations into Binance’s security protocols. Earlier this month, the company faced criticism after freezing only some of the assets requested by South Korean authorities following November’s Upbit hack, a case that raised concerns about coordination between major platforms.