Bitget tightens checks before listing new tokens. 

New listing policies aim to prevent exit scams. 

Bitget recently became a target of scammers. 

Various types of scams continue to hurt the reputation of the crypto industry. Among them, exit scams are some of the most damaging. These scams see developers selling tokens, only to dump liquidity and abandon the project. 

These exit scams also hurt the reputation of exchanges that list these tokens. For that reason, Bitget recently tightened its review process before listing any token on its platform. 

Bitget Fights Against Exit Scams

Bitget has stepped up its efforts to prevent exit scams on its platform. On Thursday, October 10, Bitget announced significant changes to its token listing criteria. Projects that want to get listed on Bitget will have to undergo comprehensive reviews.   Sponsored

“Projects looking to list a token on Bitget must undergo a rigorous legal and technical review to assess its code quality, security measures, and regulatory compliance,” wrote Bitget in a press release. The stated goal of this policy change is to combat exit scams. 

Exit scams (commonly known as rug pulls in DeFi) are a type of scam where developers sell tokens only to abandon the project. Developers typically dump liquidity on the investors, causing the token to crash and disappear with the money.

Scammers Pose as Bitget Listing Managers

Just a day before tightening the listing policy, Biget faced challenges with scams targeting projects looking to list on its exchange. Bitget CEO Gracy Chen, revealed two cases of scammers impersonating using Bitget’s social media to advertise fake listings.  

“Project A (K***u) received a direct message from Bitget’s official X account that included a fraudulent listing manager’s Telegram handle,” Chen revealed. The other project received the email masquerading as Bitget’s official email. 

The teams believed the communication to be authentic and transferred funds. According to Chen, losses amounted to six figures. As the scammers used Bitget’s hacked social media, the exchange agreed to compensate both projects. 

On the Flipside

Recently, Bitget faced issues after its native BGB token crashed by over 50% within 15 minutes. The exchange agreed to compensate those affected. 

Decentralized exchanges, which lack verification checks, face even more issues with exit scams. As early as 2020, scam tokens flooded Uniswap, the largest DEX by volume. 

Why This Matters

Bitget’s stricter token listing requirements and recent listing scams highlight the increasing concern about user protection in crypto. Exchanges play a key role in protecting their users from potentially fraudulent projects. 

Read more about Bitget’s flash crash: Bitget Promises to Compensate Losses After BGB Flash CrashRead more about Supra’s Containers challenging L2s: Supra Launches Containers to Make Layer 2 Solutions Obsolete

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