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Binance, the world's largest cryptocurrency exchange, has released a statement regarding an employee involved in insider trading.
Binance Futures announced in a statement that it has initiated legal action against the employee for using internal company information for personal gain.
Accordingly, Binance announced that it will sue an employee who used the price increase of a listed altcoin for personal gain yesterday.
According to the statement made by the Binance Futures X account, an altcoin was also shared on the Binance Futures account one minute after it was mined on the chain yesterday, December 7.
At this point, it was stated that the exchange employee in question misused some of the information he obtained from insiders and shared it from his “Binance Futures” account.
Following this post, Binance stated that it received a tip regarding the employee's activities on December 7.
The exchange confirmed in its investigation that the employee sent information regarding a specific token issued on-chain to an official account at 05:29 UTC that day.
Binance stated that this action was a clear abuse of power and a violation of its internal company regulations and ethics rules, and initiated legal proceedings in addition to the suspension.
Binance stated that it will strengthen its internal controls to prevent similar incidents and welcomes community moderation, requesting that future reports be submitted through official email channels.
Binance also recently stated that five people who informed Binance about the incident through the official complaint email received a total reward of $100,000.
*This is not investment advice.