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Binance, DWF Labs React to WSJ Report of Wash Trading and Market Manipulation
The post Binance, DWF Labs React to WSJ Report of Wash Trading and Market Manipulation appeared on BitcoinEthereumNews.com. Leading crypto exchange Binance and DWF Labs react to a recent report by top media outlet Wall Street Journal (WSJ), affirming zero tolerance for market abuse. For context, the WSJ report revolves around allegations of wash trading and market manipulation involving some of Binance’s “VIP clients” who boast monthly volume worth $100 million. WSJ, citing sources familiar with the matter, claimed that Binance relies on these VIP customers, who account for two-thirds of the exchange’s trading volume. To explain further, WSJ recounted how Binance established a surveillance team in 2022 to uncover nefarious activities, including market manipulation, within the exchange. During the investigation, the team recommended that the exchange remove hundreds of users, including prolific crypto firm DWF Labs. Per WSJ’s claims, in 2023, the team revealed that DWF not only manipulated the prices of various tokens, like Yield Guild Game (YGG), but it also processed $300 million in wash trading on Binance. WSJ claimed that Binance did not act on the report but sacked the surveillance team head a week later. Binance’s compliance unit reportedly fired the head of the surveillance team due to speculations that he was working with DWF’s competitors. Binance Reacts, Affirms Zero Tolerance for Market Abuse Expectedly, Binance reacted to these allegations in an X post published in the hours leading up to press time. In the post, Binance confirmed that it runs a strict market surveillance program and provided insight into the measures taken over the years to eradicate market abuse on its platform. – Advertisement – To emphasize its zero tolerance for market abuse, Binance said it removed nearly 355,000 users for violating its terms. These users, who account for $2.5 trillion in trading volume, were offboarded from the exchange over the past three years. Despite acknowledging the fierce competition in market making,…
The post Binance, DWF Labs React to WSJ Report of Wash Trading and Market Manipulation appeared on BitcoinEthereumNews.com.
Leading crypto exchange Binance and DWF Labs react to a recent report by top media outlet Wall Street Journal (WSJ), affirming zero tolerance for market abuse. For context, the WSJ report revolves around allegations of wash trading and market manipulation involving some of Binance’s “VIP clients” who boast monthly volume worth $100 million. WSJ, citing sources familiar with the matter, claimed that Binance relies on these VIP customers, who account for two-thirds of the exchange’s trading volume. To explain further, WSJ recounted how Binance established a surveillance team in 2022 to uncover nefarious activities, including market manipulation, within the exchange. During the investigation, the team recommended that the exchange remove hundreds of users, including prolific crypto firm DWF Labs. Per WSJ’s claims, in 2023, the team revealed that DWF not only manipulated the prices of various tokens, like Yield Guild Game (YGG), but it also processed $300 million in wash trading on Binance. WSJ claimed that Binance did not act on the report but sacked the surveillance team head a week later. Binance’s compliance unit reportedly fired the head of the surveillance team due to speculations that he was working with DWF’s competitors. Binance Reacts, Affirms Zero Tolerance for Market Abuse Expectedly, Binance reacted to these allegations in an X post published in the hours leading up to press time. In the post, Binance confirmed that it runs a strict market surveillance program and provided insight into the measures taken over the years to eradicate market abuse on its platform. – Advertisement – To emphasize its zero tolerance for market abuse, Binance said it removed nearly 355,000 users for violating its terms. These users, who account for $2.5 trillion in trading volume, were offboarded from the exchange over the past three years. Despite acknowledging the fierce competition in market making,…
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