Binance co-founder He Yi took to the X platform to announce significant changes in the company’s policies regarding the leakage of coin listing information and insider trading. In a thread, He Yi expressed gratitude to the supporters of Binance while addressing concerns about recent controversies surrounding leaked listing information.
Acknowledging the discussions sparked by the price drop of RONIN following its listing announcement on Binance, He Yi revealed that an internal investigation found the public chain had been previously integrated to retrieve tokens for users, leading to speculation in the community. After careful consideration, Binance decided to proceed with the listing but implemented several adjustments.
Internal Adjustments At Binance
Internally, the company will involve multiple teams in the currency listing process, enhancing internal management and imposing strict consequences for any information leaks. Additionally, technical monitoring will be improved, with scripts monitoring trading pairs and announcements for any suspicious activity.
To combat corruption and insider trading, the company announced a reward program of up to $5 million for reporting such activities, promising confidentiality for informants. Contact information for reporting insider trading or corruption involving its team members was provided, including an email address for submitting reports and background checks.
Furthermore, the company declared that employees found guilty of corruption and subsequently joining other projects or funds will have those entities blacklisted permanently. Major funds are encouraged to conduct background checks through Binance to ensure the integrity of potential hires.
He Yi concluded by welcoming feedback and suggestions from the community, emphasizing Binance’s commitment to maintaining a fair, transparent, and efficient platform. She underscored that the company’s past achievements were due to the support of its users and pledged to continue building upon their trust and support.
The announcement marks a significant step for Binance in addressing concerns regarding transparency and integrity within the cryptocurrency industry. With these new measures in place, the company aims to strengthen its reputation as a leading cryptocurrency exchange while fostering trust and accountability among its users and employees alike.
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