Cryptocurrency exchange Binance fired one of its employees after it was discovered that he used inside information to promote a new meme token.
The company conducted an internal audit after receiving a report that an employee had posted an advertisement for the coin on the BinanceFutures account just seconds after the asset’s release.
These actions constitute abuse of office for personal gain and violate our rules and code of professional conduct, the statement said. Binance.
After confirming the information, the exchange immediately suspended the employee from work and announced that it was going to sue him. Binance They also reiterated their zero-tolerance stance on internal violations and promised to strengthen controls to prevent similar violations in the future.
Interestingly, the insider trading report Binance received through its official whistleblower channel. The company must now distribute a $100,000 reward among five verified whistleblowers.
The exchange also thanked users who shared information publicly and clarified that in future, reports should be sent directly to the official email address for greater privacy.