Binance informs employees of insider trading in old positions to make profits. The person involved has been suspended and will face legal responsibility

PANews reported on March 25 that according to Binance's official announcement, its internal audit team received a report on March 23 that an employee was suspected of using insider information to conduct "front-running" to seek improper benefits. According to internal investigation, the employee had previously held a business expansion position at BNB Chain and was transferred to the Binance Wallet team for only one month. Although the current position does not have the authority to access relevant project information, the employee used the Project Token Generation Event (TGE) plan he mastered in his previous job to purchase large amounts of project tokens through multiple related wallets in advance, and partially cashed out after the news was announced to obtain considerable profits, which constituted a serious violation of the company's regulations.

Binance has suspended the employees involved immediately and will cooperate with the law enforcement agencies in the jurisdiction to which they belong to handle the matter in accordance with the law, and the relevant assets will also be disposed of in accordance with the regulations. At the same time, Binance issued a total of US$100,000 reward to users who submitted valid clues through the official reporting email ( [email protected] ), and allocated to 4 real-name reporters.

It was reported last weekend that Binance Wallet employees were suspected to have made more than $110,000 in profits by trading UUU on the BSC chain .