Binance
$9.1B
The crypto exchange confirmed that it suspended a staff member after looking into claims of improper use of private information. Binance said that using confidential information from a past job for personal gain was a clear breach of its rules.
The issue came to light on March 23, when the exchange received a report suggesting the employee had used private information to buy tokens before they were made public.
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According to a March 24 post on X from Binance, the staff member joined the team in February and had previously worked in a business development role at BNB
During the investigation, it was found that the employee had knowledge of an upcoming Token Generation Event and expected that it would attract attention. Using this information, they allegedly bought a large number of tokens through several connected wallets before the token launch was made public. Once the announcement was out, they sold part of the tokens for a profit.
The company did not release the employee’s name but noted that public posts on X raised questions that helped start the investigation. Several users pointed to a former BNB Chain operations manager, Freddie Ng, who recently joined Binance Wallet.
Additionally, Binance would distribute a total of $100,000 among four anonymous individuals who submitted detailed information through the proper channel.
On March 3, Binance announced its plans to stop offering nine stablecoins to users in the European Economic Area (EEA). What happened? Read the full story.
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