Binance Suspends Employee Over Alleged Meme Coin Misconduct Amid Ongoing Investigation

Binance has suspended an employee after discovering their connection to the launch and promotion of a new meme coin, raising concerns about misuse of internal resources and conflicts of interest. The issue surfaced when multiple reports were submitted to Binance’s internal audit team, prompting an immediate investigation into the “Year of the Yellow Fruit” token, which debuted on the BNB Chain through the Four.Meme launchpad.

According to Binance Futures’ official X account, the employee helped create the token on-chain and then, less than a minute later, used its imagery and text in a post on the @BinanceFutures account. Binance stated that this behavior constitutes an abuse of authority for personal gain and violates the company’s professional conduct policies.

The meme coin saw a rapid surge in market activity, hitting nearly a $4 million market cap shortly after launch before rising again to around $6 million. Trading volume exceeded $16 million, according to DEXScreener. Although the token now trades closer to a $2 million market cap, several traders have already realized significant profits, with at least two wallets earning over $50,000 and eight others gaining more than $25,000.

Binance confirmed it has notified relevant authorities in the employee’s jurisdiction, enabling potential legal action. Five whistleblowers who submitted valid reports will receive a combined $100,000 reward for helping expose the misconduct. While preliminary findings have been shared, the investigation remains active.

The incident comes during a volatile period for BNB Chain meme coins, which have seen sporadic hype throughout the year. Binance emphasized its commitment to fairness and transparency, reaffirming its zero-tolerance stance toward actions that undermine platform integrity. Both BNB and Bitcoin have experienced notable price declines in recent months, reflecting broader market pullbacks following earlier highs.