RON Token's Binance Debut Marred by Insider Trading Claims

Ronin’s token listing on Binance did not go as planned. The price of the RON token plunged badly after listing on Binance. Several users claim the heavy devaluation was caused by possible insider trading.

This means details of the listing were leaked before the official announcement, causing pump-dump trading. Let’s explore more about this problem from Binance.

Ronin Token Plunges on Binance Amid Insider Trading Allegations

Crypto users criticized Binance executives for pump trading as they allegedly had exclusive access to details of the timing of the listing. However, Binance is taking steps to control the situation. The exchange’s co-founder, Yi He, reacted to concerns and queries raised by users over RONIN’s recent listing. 

She admitted that there was an issue with information leaks. She mentioned that Binance implemented stricter protocols and penalties for leaks during listings. Also, she noted plans to improve external business communication. She added that the exchange would cancel token listings whose information had been leaked. 

In addition, Binance plans to improve technical monitoring significantly to identify and resolve any possible problems. As part of its efforts to maintain community trust, Binance would monitor announcements and trading pairs even when the content is encrypted.

Binance’s Scheme to Combat Internal Corruption

He unveiled a reward program to motivate reporting of listing irregularities and corruption on Binance. Yi He explained that this reward demonstrates Binance’s dedication to transparency and openness.

Source: X

Explaining the reward scheme, He stated that confirmed corruption reports could earn users $10,000 to $5 million in rewards. Additionally, Binance will protect the safety of those who report misconduct by keeping their names private.

Furthermore, Yi He warned that corrupt employees who later join other projects or funds will face harsh consequences. This includes the projects being blacklisted on Binance. He explained that this would further discourage any post-termination activities. Likewise, Binance urged projects and funds to contact it for comprehensive background checks before making any offers. 

Source: X

Some crypto users lauded the platform for the swift steps taken to address the situation. And showing its commitment to maintaining the highest levels of trust, security, and moral behavior in its business activities.



The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.