Yi He: Binance conducted over 120 internal investigations with US law coordinators

Binance co-founder, Yi He, said the exchange has conducted more than 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 with two U.S. law enforcement coordinators to do a major internal sweep of the crypto exchange.

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

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

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

Back in February last year, Yi He announced Binance would distribute rewards ranging from $10,000 to $5 million to people who could help “verify that Binance team members are corrupt.”

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

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