Binance suspended an employee for insider trading

The cryptocurrency exchange Binance suspended an employee from the Binance Wallet team for allegedly using insider information to gain improper profit. This was reported by the team's press service.

It is reported that the team member bought a significant amount of tokens from a project planning a TGE. After the coin's launch was announced, the individual sold part of the tokens for a good profit. Binance noted that Binance Wallet employees cannot view closed project information. The insider took advantage of his knowledge from his previous position as Business Development Director of BNB Chain.

“As a result of this behavior, the employee was immediately suspended and is awaiting further disciplinary measures,” the statement said.

The exchange will take legal action against the employee.