Binance Co-Founder Yi He Says Exchange Conducted Over 120 Internal Investigations in the Past Two Years, Recovering $30 Million

In a Binance Square discussion on Feb. 3, Binance co-founder and chief customer service officer, Yi He, said that the crypto exchange has been working

Crypto exchange Binance has conducted more than 120 internal investigations in the past two years, recovering $30 million in the process, according to a Binance co-founder.

In a Feb. 3 Binance Square discussion, Binance co-founder and chief customer service officer Yi He said that the crypto exchange has been working with two U.S. law enforcement coordinators to carry out a major internal sweep of the exchange.

The discussion, titled “The Melon Owners Collectively Appear to Face Doubts About YZi Labs,” was held on Binance Square and X Spaces, where Yi disclosed that more than 120 internal audit investigations were conducted in the past two years to uncover various violations within the company.

According to Yi, the investigations led to Binance firing more than 60 employees who were found guilty of violating company policies and recovering over $30 million in illegal gains.

The Binance co-founder also revealed that there are at least two ongoing lawsuits and prosecutions.

In February last year, Yi He announced that Binance would be offering rewards ranging from $10,000 to $5 million to individuals who could help “verify that Binance team members are corrupt.”

In a thread posted on X, Yi said that Binance was looking for “all reports involving currency listings and other corruption.” She also noted that employees found to be corrupt would be permanently blacklisted by Binance. The announcement came amid a controversy surrounding the Ronin (RON) token, which reportedly dropped by 30% after listing on Binance.

Yi and the YZi Labs team also addressed public concerns regarding Binance’s token listing processes and the operations of YZi Labs on the Binance Square. Prior to its rebranding to YZi labs, Binance Labs was headed by Yi He. It is currently led by Binance founder and former CEO Changpeng “CZ” Zhao and Ella Zhang, who co-founded Binance Labs in 2018.