Binance Offers High Reward of Between $10k and $5M to Mitigate Insider Trading | Coinspeaker

Binance Offers High Reward of Between $10k and $5M to Mitigate Insider Trading

UTC by Steve Muchoki · 3 min read
Binance Offers High Reward of Between $10k and $5M to Mitigate Insider Trading
Photo: Depositphotos

Binance co-founder Yi He has promised to end the frontrunning of token listing following the notable dump on RONIN price in the past 24 hours.

Binance Holdings Ltd has grown to a global leader in the Web3 industry and digital asset trading despite the notable regulatory hurdles over the years. The cryptocurrency exchange has, however, been bending its knees to the global regulatory frameworks, especially from the United States, to maintain its position as the leader in the industry. Furthermore, the United States Department of Treasury agreed to have access to Binance’s trading books for the next five years to ensure zero tolerance on fraud as part of the settlement.

In addition to the forced retirement of Binance co-founder Changpeng Zhao (CZ), Binance has already delisted several altcoins that are not in line with global regulations, including Monero (XMR).

Binance Fights Frontrunning on Token Listing

As the leading cryptocurrency exchange by trading volume, Binance’s token listing is greatly coveted by early projects seeking to attract more global users. However, some crypto analysts have suggested that Binance token listing is largely viewed as an exit strategy for early adopters. Additionally, the cryptocurrency exchange has been accused in several instances where its employees have been involved in insider trading by leaking information to some investors before the actual Binance listing.

In the latest incident, Binance’s announcement of the Ronin (RON) listing with a seed tag applied on Monday resulted in a notable market dump, which attracted the attention of the crypto community and respective leaders. According to the latest market data provided by Coingecko, RON price had dropped about 25 percent in the past 24 hours to trade around $2.62 on Tuesday during the mid-London session. Worth noting that RON price has rallied more than 770 percent since October last year amid heightened speculation on the inevitable rise of gamifi tokens during this crypto bull cycle.

In response to the market impact of rampant insider trading, Binance co-founder and Chief Customer Service Officer Yi He has issued a stern warning to the company’s employees. Notably, He has announced that the cryptocurrency exchange will reward anyone with genuine information on insider trading with between $10,000 and $5 million. Additionally, He noted that Binance will blacklist any crypto projects that proceed to hire staff members who are convicted of insider trading.

Market Picture

With more than 175 million registered global users, the Binance cryptocurrency exchange is well-positioned to grow further in the confirmed bull market. Already, the Binance native token BNB price has broken out of a macro bear market and is on the cusp of a major upsurge toward a parabolic rally beyond its former all-time high. Nonetheless, Binance faces notable regulatory scrutiny, especially on token listing, as some jurisdictions led by the United States attempt to classify most crypto assets as unregistered securities.

Binance News, Cryptocurrency News, News
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