On Monday, Binance announced that it had launched an internal investigation on Sunday into an employee suspected of abusing insider information access. The employee is suspected of posting on the official social media account of Binance Futures to gain personal benefits.
Binance noted in a post on the X platform that its audit team received a report claiming that the employee used non-public information to post relevant content on the official Binance Futures X account "less than a minute" after the token was issued on the blockchain.
The involved employee has been immediately suspended, and Binance stated that it has contacted the relevant authorities in the employee's jurisdiction to pursue potential legal responsibilities.
Cointelegraph has reached out to Binance for more details regarding the cryptocurrency involved and the amount of profit made, but has not received a response as of the time of publication.
The exchange is actively using the reporting mechanism as a governance tool, confirming that the promised $100,000 reward will be distributed among several users who submitted the earliest valid reports through the official audit@binance.com channel, which have been verified and deduplicated.
Binance emphasized that even though some information about the incident has appeared publicly on the X platform, only reports sent through internal channels are eligible for rewards, urging the community to continue flagging suspicious activities.
The exchange reiterated its "zero tolerance" stance on employees using their positions for personal gain, committing to strengthen internal controls and process improvements to "close all possible avenues for abuse" and prevent similar misconduct in the future. Binance is using this incident to demonstrate its approach of suspending employees, cooperating with regulators, and rewarding whistleblowers, rather than quietly handling such cases internally.
This case fully illustrates how whistleblowers can quickly identify suspicious patterns in on-chain activities and social media posts, and how exchanges can effectively utilize this information through structured bounty programs.
This is not the first time a Binance employee has been accused of abusing their power. In March of this year, Binance Wallet stated that it had suspended an employee and launched an investigation after a whistleblower accused the employee of using insider information regarding an upcoming token generation event for front-running trades.
It is reported that the employee purchased a large amount of tokens through multiple associated wallets before the public announcement and then sold part of the holdings after the launch to gain substantial profits.
Binance is not the only exchange facing insider trading allegations related to employee access and market information. In 2022, U.S. authorities charged a former Coinbase product manager and two accomplices, accusing them of using confidential information about upcoming token listings on the exchange to trade at least 25 assets before public announcements, illegally profiting over $1 million.
Related: Binance Obtains ADGM License to Operate International Platform
Original: “Binance Suspends Employee for Personal Gain from Insider Information”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
