Binance claims to have dismissed over 60 employees and recovered $30 million from internal violations.
Co-founder Yi He said YZi Labs operates independently from Binance, adding that public scrutiny is welcomed.
Binance may be doing all within its power to maintain the integrity and security of its various trading platforms. This is according to a new revelation by co-founder Yi He, which she shared during a recent live broadcast on Binance Square.
Yi He, alongside the YZi Labs team, had organized the event in a bid to address public concerns about the way Binance goes about its coin listing processes. There have also been several theories about the operations of YZi Labs and how it supposedly lacks transparency, among other things.
Over 120 Investigations Conducted in Two Years, Says Binance Co-Founder Yi He
Responding to the allegations, Yi He has shared key updates on the company’s efforts so far. According to her, Binance has conducted over 120 internal investigations in the past two years. In the course of those, more than 60 employees have been fired for violating company policies, the co-founder said. She also noted that the company recovered no less than $30 million in illegal gains during this time, adding that it is still pursuing legal action in two cases due to the severity of the violations.
Interestingly, Binance also seized the opportunity to explain the relationship between YZi Labs and Binance. That is, through Yi He, who first admitted that the company welcomes criticism and public oversight.
Last November, she clarified that Binance Futures listings operate independently, which means that they do not require an application or listing fee. Moreover, contrary to common misconceptions, a listing on Binance Futures does not guarantee a spot listing on the main exchange, the co-founder also added at the time.
About a day ago, Yi He also cleared the air about YZi Labs’ leadership. Formerly known as Binance Labs, the team is now led by Ella Zhang and has Binance founder CZ directly overseeing its operations. Coinspeaker previously covered this rebranding.
Company Asks Users to Report Questionable Moves
Interestingly, Binance has extended a partnership hand to its users in its fight for security across its platforms. In line with this, Yi He has told users to report any suspicious listing activities directly to Binance’s Internal Audit team. She also encouraged anyone with evidence of bribery involving Binance or YZi Labs to come forward with the same.
Yi He also promised that the company would not hesitate to take legal action against any employees if they are found guilty of any sort of misconduct.
In all, it might be safe to say that Binance remains strongly committed to its mission to ensure that its users have a safe space to carry out their trading activities.
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