Binance suspends employee who used official X account to pump token

Core Viewpoint - A Binance employee has been suspended for using insider information to promote a newly-launched crypto token on the company's official social media account, raising concerns about ethical conduct within the organization [3][6]. Group 1: Incident Details - The Binance Futures X account, with over 523,000 followers, posted a picture promoting a new token called "year of yellow fruit," which was later deleted [1][2]. - Onchain records indicated that the same image was used to create the "year of yellow fruit" token on the BNB Chain just before the post [2]. - Binance confirmed that the employee's actions constituted an abuse of their position for personal gain, leading to immediate suspension and pending disciplinary action [3]. Group 2: Market Impact - Following the promotion, the "year of yellow fruit" token experienced a market cap surge to $3.6 million before subsequently dropping by approximately 83% [4]. - The incident reflects a pattern where memecoin creators leverage phrases and memes from Binance executives to launch new tokens, as seen with the "Binance Life" token, which reached a market value of $524 million [5]. Group 3: Historical Context - This is not the first instance of Binance employees being accused of using insider information for personal profit; a previous case involved an employee from the wallet team who was suspended for similar actions [6]. - The latest incident occurs as Binance aims to demonstrate its commitment to combating crypto crime to regulators and the broader industry [7].