Binance Suspends Wallet Team Staff Over Insider Trading Allegations

Binance has suspended a Binance Wallet team member and may pursue legal action following an internal investigation into insider trading allegations.

According to a 25 March X (formerly known as Twitter) post, Binance Wallet launched the probe on 23 March after receiving a complaint that an employee used insider knowledge to front-run trades for personal gain.

Preliminary findings suggest the staffer, who joined Binance Wallet last month, leveraged information from a former business development role at BNB Chain to execute trades ahead of a token’s public launch.

Binance Wallet wrote:

“The employee was aware the project was planning a Token Generation Event (TGE) and anticipated it would generate significant community interest.”

The employee allegedly used multiple linked wallets to buy a significant amount of the token before the announcement and later sold part of the holdings for substantial profit.

Binance confirmed the individual’s immediate suspension, citing a breach of company policy, and pledged to cooperate with authorities in the relevant jurisdiction.

The exchange did not disclose the employee’s identity but acknowledged that reports circulating on X prompted the investigation.

Alleged Suspect Was Named Prior to Suspension News

Earlier this week, X users identified Freddie Ng, a former operations manager at BNB Chain, as a potential suspect in the Binance Wallet insider trading case.

According to Ng’s LinkedIn profile, he joined Binance Wallet’s business development team last month.

X user “py” highlighted that a wallet linked to Ng allegedly profited $82,400 from trades involving U DEX Platform (UUU).

Blockchain data from DEX Screener shows this wallet received UUU tokens from another address initially funded by “freddieng.bnb” — an address Ng previously shared on his X account.

Binance Wallet acknowledged the public’s investigative efforts but emphasized that whistleblower rewards are reserved for reports submitted through its official channels to safeguard informants.

The company reaffirmed its commitment to cooperating with authorities and pursuing legal action.

As part of its whistleblower program, Binance Wallet announced a $100,000 reward, evenly distributed among four anonymous individuals who reported the misconduct via email.