🔎 What Happened
Binance suspended an employee after an internal investigation concluded the staffer had used insider information to promote a newly issued meme token via the company’s official social‑media account. (CoinLaw)
The token — identified as Year of Yellow Fruit — was minted on‑chain at 05:29 UTC on December 7, 2025. Within roughly a minute of its issuance, the employee used Binance’s official account to post promotional content (text + images) about the token. (CoinLaw)
This push triggered a sharp price pump: the token’s market capitalization reportedly surged to about US$5–6 million, with heavy trading volume following the promotion. (Crypto Economy)
🛑 Binance’s Response
Binance says the behavior constituted “abuse of position for personal gain” and violated internal policies and professional conduct standards. The employee was suspended immediately and the company referred the matter to law enforcement. (Crypto Economy)
As part of its whistleblower program, Binance rewarded early and verified reporters; a total bounty of US$100,000 was announced, to be split among five valid whistleblowers. (CoinLaw)
📌 Broader Significance
This is not the first time Binance has had to deal with insider‑trading or front‑running allegations. It underscores the ongoing challenges — even at major exchanges — of enforcing internal controls and ensuring fair practices, especially around token launches and promotions. (CryptoMoonPress)
For the crypto community and investors, the incident raises renewed concerns about trust, fairness, and transparency. A promotional post from an official exchange account carries weight — but if misused, it can artificially inflate token prices and mislead retail traders. (CryptoMoonPress)