Binance News: Employee Suspended Over Insider Trading Allegations

In a recent development in the cryptocurrency world, Binance, one of the largest cryptocurrency exchanges, has suspended a staff member amid allegations of insider trading. Here’s a closer look at what happened and its implications for the crypto market.

Binance Suspends Employee Over Insider Trading Allegations

Binance has suspended a staff member after an investigation found the employee used information from a previous role at BNB Chain to front-run trades. The employee, who recently joined the Binance Wallet team, may have used insider knowledge to buy up a large number of tokens before the public launch of a project. Binance began looking into the matter after receiving a complaint about suspicious trading activity tied to a recent token launch.

Movement Network Launches $38M MOVE Buyback Amid Binance Market Maker Controversy

Movement Network has initiated a $38 million buyback program for its MOVE token following an alleged breach of contract by a market maker. Binance had warned Movement Network earlier this month that the market maker had been selling large amounts of MOVE without supplying the agreed-upon liquidity on the MOVE/USDT pair. Upon discovery, Movement Network cut ties with the market maker and has been working with Binance to recover funds. The recovered $38 million in Tether (USDT) will be used to repurchase MOVE tokens on the open market over the next three months on Binance.