One of the co-founders of the cryptocurrency exchange Binance, Yi He, has announced the launch of a reward program for those who provide information about insider trading cases.
He claims that Binance will offer rewards ranging from $10,000 to $5 million for information about traders who engage in transactions with digital assets using confidential information, such as upcoming listings of virtual currencies on the platform.
She also promises to maintain the anonymity of informants and provide bonuses for identifying security vulnerabilities, likely with the aim of ensuring confidentiality.
Exchange employees caught engaging in insider trading will be dismissed and face difficulties in finding new employment, as Binance will include them in its blacklist, which will be accessible to all startups intending to hire former company employees. To avoid potential trouble, the company urges all interested firms to contact Binance before deciding to employ former specialists from the organization.
The leadership of Binance has decided to actively combat insider trading following a nearly 28% drop in the price of the cryptocurrency Ronin (RON) shortly after its appearance on the trading platform. Rumors emerged that the sudden rise and subsequent fall in the asset's value were caused by the leakage of information about the upcoming listing of the cryptocurrency.
