The co-founder of Binance and its Chief Customer Service Officer Yi He announced during a February 3 event that the exchange had initiated 120 internal inspections during the previous two years and successfully returned $30 million in stolen assets.
During a Binance Square discussion titled “The Melon Owners Collectively Appear to Face Doubts About YZi Labs” Yi He discussed the extensive internal audits that Binance has been performing to tackle all internal violations and misconduct.
Binance’s Legal Actions and Investigations
Yi explained that Binance Agency is working in tandem with two U.S. law enforcement coordinators during its wide-scale internal review. After investigating potential fraud and policy violations more than 60 employees were terminated because they had committed misconduct during the investigation.
Yi expressed how audits represent an essential feature of Binance’s mission to create a protected facility which ensures both compliance and transparency for all users.
The internal investigations produced illegal funds exceeding $30 million through activity detection that showed how criminals acquired this money. Yi stated the company keeps collaborating closely with law enforcement authorities to implement policy compliance and handle all legal violations involving the exchange.
According to Yi the company faces multiple ongoing litigations and legal actions because of investigation results. The statements demonstrate Binance’s dedication to both legal compliance and strict enforcement against all unethical or illegal activities conducted by organization members. Based on Yi’s statements Binance demonstrates commitment to responsibility by addressing operational scrutiny that has followed the exchange throughout recent years.
During the time Yi delved into internal Binance investigations he reviewed a past initiative the company launched in February 2024 which provided monetary rewards between $10,000 and $5 million to report corrupt practices in the company.
The reward program operated to receive information about currency listing and other potential misconduct cases involving corruption. After the Ronin token received a 30% value decrease after Binance added it to their platform Yi made his announcement.
Yi’s statements included information about Binance’s token listing processes as well as public inquiries about YZi Labs operations. Yi held the position of Binance Labs head immediately before its name change to YZi Labs.
Dalong Zhang and Binance founder Changpeng “CZ” Zhao together with Ella Zhang serve as current leaders of YZi Labs which started under the Binance Labs banner in 2018. Yi gave answers to existing questions regarding YZi Labs operations while reassuring Binance users about its open and complaint environment.
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