TL;DR:
- A Binance employee was suspended for promoting a meme coin on the official Binance Futures account.
- Binance labeled the action as “abuse of position” and contacted authorities to investigate the case.
- The company rewarded the five whistleblowers who disclosed the incident with a total of $100,000.
Potential disciplinary actions could be faced by a Binance employee who has already been suspended, after the exchange discovered their connection to the launch of a new meme coin which they also promoted through the official Binance Futures account on X. The @BinanceFutures account itself reported the preliminary findings after receiving reports in its internal audit department.
The exchange confirmed that the employee was related to a token issued on-chain and that, minutes later, the worker allegedly used the token’s text and images in a post on the company’s official account. Binance was forceful, calling the action “abuse of their position for personal gain” and a clear violation of its policies and professional code of conduct, reaffirming its “zero tolerance” policy for behavior that undermines the platform’s integrity.
The “Year of the Yellow Fruit” Token and Conflict of Interest
The meme coin in question is “Year of the Yellow Fruit,” launched on the Four.Meme platform on BNB Chain. Following the launch, the Binance Futures account posted an image that was deleted minutes later and closely resembled the token’s design and text. This act sparked controversy in the crypto community and motivated the report that revealed the internal connection.
Despite the controversy, or perhaps because of it, the token showed green numbers, reaching a market capitalization of up to $6 million and generating over $16 million in trading volume, according to DEXScreener data. This sudden pump translated into substantial gains for some traders: at least two wallets obtained over $50,000 in profits, and eight additional traders earned at least $25,000, thanks to the employee’s improper promotion.
In summary, the investigation is active. However, in addition to the suspension, Binance indicated that it has contacted the competent authorities in the employee’s jurisdiction to take action according to legal procedures, if necessary.
As a sign of its commitment to integrity, the platform announced that the five whistleblowers who submitted valid reports to the audit department will split a $100,000 reward. This incident highlights the risks of using insider information in the volatile BNB Chain meme coin market, forcing Binance to demonstrate its strict policy against internal corruption during a time of high market volatility.
