Crypto exchange Binance has faced another scandal within the company: an employee who used insider information to post on the official account was suspended from work, and the first whistleblowers were promised a total of $100,000 in rewards.
Crypto exchange Binance has faced another scandal within the company: an employee who used insider information to post on the official account was suspended from work, and the first whistleblowers were promised a total of $100,000 in rewards.
As the company said in a statement on X on the BinanceFutures account, on December 7, internal audit received a complaint about an employee who allegedly used official access to information about the new token. The asset was first released online at 07:29 am, and less than a minute later, the text and image with it appeared in a tweet from the official Binance Futures account. Binance called this abuse of power for personal gain and a direct violation of its internal code of conduct.
After an initial investigation, the employee was immediately suspended. The company says it is preparing disciplinary action and has already contacted regulators in the jurisdiction where the person in question works to seek legal action for possible manipulation. Binance separately notes that it is investigating the incident itself and will cooperate with law enforcement.
At the same time, the exchange decided to publicly thank those who were the first to notice suspicious activity. The total reward of $100,000 will be divided equally between five informants who sent valid reports via the official audit service mailbox [email protected]. Their addresses were masked in the public statement, but Binance promises to contact each of them.
In the message, the exchange specifically emphasizes: public posts on social networks, even if they contain correct information, do not give the right to remuneration. The reason is simple — the company wants to protect whistleblowers as much as possible and maintain the confidentiality of the channel through which sensitive data about possible abuses are received. Therefore, anyone who will have evidence of employee misconduct in the future should use only the official address for reports.
Binance has once again declared its «zero tolerance» for insider trading and other forms of employee fraud. The company promises to strengthen internal controls, review policies for access to sensitive information, and improve monitoring procedures to ensure that similar incidents do not occur again.
Previously, dev.ua wrote about how US President Donald Trump pardoned Changpeng Zhao, the convicted founder of the cryptocurrency exchange Binance. The White House believes that he was «politically persecuted» by the previous administration.
