Binance Conducts Internal Investigations, Recovers $30 Million

Binance co-founder Yi He revealed that the cryptocurrency exchange has conducted over 120 internal investigations in the past two years, resulting in the recovery of $30 million. This effort is part of the company’s ongoing commitment to maintaining a high level of integrity and transparency.

Internal Audit Investigations and Enforcement Actions

Yi He disclosed the details of these investigations during a discussion on Binance Square and X Spaces, stating that the company has been working closely with two U.S. law enforcement coordinators to identify and address various violations within the organization. As a result, more than 60 employees have been terminated for violating company policies.

Additionally, Yi mentioned that there are at least two ongoing lawsuits and prosecutions related to these internal investigations.

Binance’s Commitment to Anti-Corruption Efforts

Last year, Yi He announced that Binance would offer rewards ranging from $10,000 to $5 million to individuals who could provide information about corrupt listing team members. This move was made to demonstrate the company’s commitment to rooting out corruption and ensuring the integrity of its token listing processes.

Yi He also emphasized that employees found to be corrupt would be permanently blacklisted by Binance, underscoring the company’s zero-tolerance policy towards corruption.

Addressing Public Concerns

During the discussion, Yi He and the YZi Labs team addressed public concerns regarding Binance’s token listing processes and the operations of YZi Labs. Yi He, who previously headed Binance Labs before its rebranding to YZi Labs, emphasized the company’s commitment to transparency and accountability.

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