The recent listing of Ronin (RON), a token associated with the popular blockchain game Axie Infinity, on Binance has sparked intense speculation and accusations of insider leaks. Thus, RON faced a rapid price decline of 20%. Thereupon, Binance co-founder Yi He made a detailed statement and announced internal adjustments, stricter measures and even an important reward program to combat internal corruption and ensure transparency.
Information leaks on the Binance exchange
cryptokoin.com As we reported, Binance listed Ronin (RON) yesterday. But this listing lowered the price rather than raising it. RON fell to 20 percent. Yi He acknowledged concerns about potential information leaks within Binance. But an internal investigation revealed a different story. According to him, the reason for the price drop was not the leak of inside information. Rather, it was a pre-listing integration of the token into the public chain. This allowed users to obtain RON before the official listing. This activity is detected externally. This then led to speculation and ultimately a price crash.
What are the new “regulations”?
To prevent future incidents and regain user trust, Yi He outlined several key regulations:
- Stricter Team Policies: Team members involved in listing processes will now face stricter consequences. First-time information leaks will result in a warning, while subsequent offenses will lead to immediate dismissal.
- Improved Partner Communication: External communication with project partners will be improved to prevent leaks regarding listing information. Any violation will result in listing cancellation, postponement or adjustments.
- Advanced Technical Monitoring: Binance will further improve technical monitoring to detect potential issues. This includes monitoring trading pairs and announcements, even if they are encrypted to ensure a secure environment.
- Rewards Program: Individuals who provide accurate reports regarding corruption involving Binance team members will receive a vulnerability bonus ranging from $10,000 to $5 million. The identities of individuals reporting fraud will remain confidential.
- Blacklisting Corrupt People and Projects: Participation of employees found to be corrupt in other projects or funds will result in them being permanently blacklisted from Binance. Large funds are encouraged to cooperate with Binance for comprehensive background checks before bidding.
The importance of open communication
Yi He concluded his remarks by reaffirming Binance’s commitment to building a fair, transparent and efficient platform. He encouraged the community to share their opinions and suggestions directly with him or through Binance’s official channels. “Binance’s past successes were due to creating a fair, transparent and efficient platform. Binance’s future successes are due to everyone continuing on this path. “Keep building,” he said.
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