Binance confirms its employees can’t participate in insider trading

A Crypto Twitter discussion confirmed that Binance has strict policies on its employees, to prohibit insider crypto trading. 

After the downfall of the second-ranked Crypto exchange FTX, many people targeted the Binance exchange in multiple ways but still Binance stood strongly against criticism & FUD, thanks to the perfect & transparent operations behind the business of the Binance exchange. 

On 10 Jan 2023, A discussion among the Crypto Twitter users surfaced, about whether the Binance exchange has a strict enough policy to ensure the prohibition of insider trading. 

A Chinese Crypto Blogger Collin Wu reported that Binance co-founder He Yi confirmed that any ranked Binance employees can’t do insider trading because of the strict policy of the Binance exchange.

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Under Binance’s insider trading prohibition provision, no Binance employee can sell his Crypto investment within 90 days of investment. 

Wu Blockchain reported:

“no employee of Binance, regardless of level, is allowed to conduct personal short-term cryptocurrency transactions, and must hold the position for more than 90 days before trading.”

Binance Chief strategy officer Patrick Hillman also said that alongside such provisions, Binance also tracks its employees on other Crypto platforms to ensure a zero-tolerance policy. 

This has been a strict policy at Binance at least since I started here in 2021. We have an internal security team that monitors multiple platforms for possible employee trading activity and it is a zero tolerance policy. It is the quickest way to get fired here @WuBlockchain https://t.co/nBpKVadsTG

— Patrick Hillmann (@PRHillmann) January 10, 2023

Cointelegraph, a Binance-owned crypto news website, also reported that a Binance spokesperson confirmed that if any Binance employee will found in insider trading activities then he will be fired by Binance immediately as a first step. 

Earlier this, in September 2021, the US authorities initiated an investigation against BinanceUS, an independent subsidiary of Binance exchange, to examine possible insider trading & market manipulation at the exchange. 

U.S. authorities are examining possible insider trading and market manipulation at cryptocurrency exchange Binance https://t.co/qFg9aA5kzG

— Bloomberg Crypto (@crypto) September 17, 2021

But the later investigation found nothing against Binance exchange, which confirmed Binance’s services were working with full transparency.

Read also: Wix partners CoinGate to allow e-commerce businesses to accept Crypto payment

Binance confirms its employees can’t participate in insider trading

 

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