In response to recent community concerns and discussions surrounding the listing of RONIN and its subsequent price drop, He Yi, co-founder of Binance, has announced significant policy changes on the cryptocurrency exchange platform.
Yi He is a Chinese entrepreneur and investor who co-founded Binance, the world’s largest cryptocurrency exchange, with Changpeng Zhao. She serves as the Chief Marketing Officer, leading business, marketing, and branding strategy at Binance, and is also the head of Binance Labs.
She was previously a co-founder of the cryptocurrency exchange OKX and also served as vice president of Yixia Technology. Yi He is also a blockchain and cryptocurrency thought leader, regularly speaking at industry events and contributing to the development of the industry.
One major change involves the cancellation of coin listings if information is leaked by a third party. To encourage reporting of insider trading, she said that Binance will provide rewards of up to $5 million.
Additionally, employees found involved in corruption will be listed on a blacklist, and any funds they join post-termination will face blacklisting by Binance. Major funds are urged to contact Binance for background checks before hiring former employees.
Internally, Binance will undergo adjustments to its currency listing processes. This includes strengthened management and increased measures to prevent information leaks, with potential warnings and terminations for employees responsible for leaks.
She added that external partners engaged in business communication with Binance will face stricter guidelines. Leaks related to project research information or currency listing details will result in the cancellation of the listing.
Binance will enhance technical monitoring to detect unusual trading activities. Users are encouraged to submit any clues or information related to trading pairs and announcements through the provided contact channels.
Binance has introduced a high-reward program for individuals reporting corruption or information leaks related to currency listings. The identity of informants will be kept confidential, and rewards range from $10,000 to $5 million.
He Yi emphasized Binance’s commitment to maintaining a fair, transparent, and efficient platform. Community feedback is welcomed, and users can contact Binance through private messages or the customer service account @BinanceHelpDesk for comments and suggestions.
Binance and legal battles
The significant changes may be a response to legal issues faced by the world’s largest cryptocurrency exchange. The U.S. Securities and Exchange Commission (SEC) accused Binance, its former CEO Changpeng Zhao, and its U.S. division of various violations, including inflating trading volumes, not restricting U.S. customers, and giving misleading information about its market surveillance controls.
In 2023, Binance and its ex-CEO pleaded guilty to federal charges, resulting in a $4.3 billion settlement for issues like anti-money laundering and violating sanctions. Binance is trying to dismiss the SEC’s lawsuit, arguing the regulator hasn’t proven its case and is overstepping its jurisdiction.
The legal proceedings are ongoing, and the outcomes will impact Binance and the wider cryptocurrency industry.
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