Binance's Internal Investigations: Over 120 Cases, $30M Recovered

Binance, the world's largest cryptocurrency exchange, has conducted over 120 internal investigations in collaboration with U.S. law enforcement coordinators over the past two years. The company's co-founder and chief customer service officer, Yi He, disclosed this information during a discussion on Binance Square and X Spaces on February 3, 2025.

Yi revealed that these investigations aimed to uncover various violations within the company and resulted in the termination of over 60 employees found guilty of policy breaches. The internal audits also helped Binance recover more than $30 million in illegal gains. Yi mentioned that there are at least two ongoing lawsuits and prosecutions related to these investigations.

In February 2023, Yi He announced that Binance would distribute rewards ranging from $10,000 to $5 million to individuals who could help verify that Binance team members were corrupt. This announcement came after controversy surrounding the Ronin (RON) token, which dropped by 30% after listing on Binance. Yi and the YZi Labs team addressed public concerns regarding Binance's token listing processes and the operations of YZi Labs during the Binance Square discussion.

Yi He was previously the head of Binance Labs before its rebranding to YZi Labs. The team is currently led by Binance founder and former CEO Changpeng "CZ" Zhao, alongside Ella Zhang, who co-founded Binance Labs in 2018.