thecryptobasic.com
Leading crypto exchange Binance has suspended an employee accused of using insider information to post on its official X handle for personal gain.
The post highlighted a newly issued token that launched on-chain at 05:29 UTC and appeared on the @BinanceFutures account less than a minute later. Aside from the timing of the post, Binance did not disclose the token’s name or the identity of the employee accused of misconduct.
Meanwhile, users noted that the incident concerned a now-deleted post from the Binance Futures X account the previous day. The post featured an image of a tree with several tokens hanging from it, which many believe referenced a newly created BNB Chain token called “Year of Yellow Fruit.”
Swift Response
Binance immediately opened an investigation after receiving the report. The exchange stated that the employee’s actions constituted an abuse of position for personal benefit and violated its professional conduct policies.
Following these findings, Binance suspended the individual, who now awaits further disciplinary action. The exchange also contacted the relevant authorities and pledged full cooperation to ensure that the case proceeds in accordance with the laws of the employee’s jurisdiction.
Binance to Distribute $100,000 to 5 Whistleblowers
Reaffirming its zero-tolerance policy toward misconduct, Binance emphasized that protecting user trust remains a top priority. As part of its commitment to transparency and community oversight, the exchange announced a $100,000 reward for five whistleblowers.
After verifying submissions and removing duplicates, Binance identified the earliest valid reports sent through its official channel (audit@binance.com). Each whistleblower will receive an equal share of the bounty, or $20,000, and Binance will contact recipients directly via email. The listed pseudonymised addresses include bc@g.com, l4@g.com, d7@g.com, z3@g.com, and x1@g.com.
Meanwhile, Binance also acknowledged members of the crypto community who reported the incident on social media. However, it noted that its bounty program only applies to reports submitted through its official whistleblowing email.
Not New
As part of its commitment to ethical trading standards, Binance has consistently taken action to prevent malicious activity and discipline employees who misuse insider information.
In March, the exchange suspended a Binance Wallet employee for exploiting privileged information for personal gain. According to the announcement, the employee had purchased a large number of tokens ahead of the Token Generation Event (TGE) and later sold them for a profit following the official public announcement.