Binance initiated significant internal investigations to ensure security and compliance within its crypto exchange operations.
Internal Audits at Binance
In a Binance Square discussion on February 3, Binance co-founder and Chief Customer Service Officer Yi He stated that over 120 internal investigations have been conducted in the past two years to uncover violations within the company.
Results and Implications
The investigations resulted in the dismissal of over 60 employees found guilty of violating company policies and recovering more than $30 million in illicit gains. Currently, there are at least two ongoing lawsuits and prosecutions.
Ensuring Security and Combating Corruption
Binance is actively collaborating with two U.S. law enforcement coordinators and plans to tighten its crackdown on corruption among its staff. In February last year, Yi He announced rewards of up to $5 million for providing evidence of corruption within Binance's team members. Yi He and the YZi Labs team also addressed public concerns regarding Binance's token listing processes and YZi Labs' operations.
Binance's ongoing internal investigation efforts highlight the company's commitment to maintaining security and ethical standards in the crypto industry.
