Saturday 18 September 2021 12:05 pm

Crypto exchange Binance probed over suspected insider trading

Investigators in the US are scrutinising cryptocurrency exchange Binance over claims of possible insider trading.

The huge exchange – already under fire from several regulators across the globe – is being probed by the Commodity Futures Trading Commission (CFTC).

The authority is looking at suspected insider trading and market manipulation.

CFTC investigators are said to be working with Binance bosses over accusations that staff profited by taking advantage of customer trading activity. It has been suggested the accusations arose from a whistleblower within the exchange, and that the investigation has been running since last month.

Binance was quick to issue a statement once news of the investigation began circulating last night.

“At Binance, we have a zero-tolerance policy for insider trading and a strict ethical code related to any type of behavior that could have a negative impact on our customers or industry,” it said.

The company, headed up by 44-year-old CEO Changpeng Zhao (pictured), has faced repeated setbacks throughout 2021 with business sanctions being imposed in the UK, Japan and Germany. It recently scaled back operations in a bid to focus on working with regulators.