Binance, one of the world’s largest cryptocurrency exchanges, has come under scrutiny after a Wall Street Journal report revealed that the platform fired its top investigators following their allegations of wash trading involving a top VIP client, DWF Labs.
Binance Refutes Wash Trading Allegations
The report alleges that DWF Labs conducted over $300 million in wash trades across seven tokens in 2023, manipulating the price of Yield Guild Games’ native token, YGG and other cryptocurrencies.
However, Binance has refuted the allegations, stating that the transactions were proprietary and did not constitute manipulation. The exchange also accused the head of the monitoring team of collaboration with DWF’s competitors, leading to his termination.
In response to the Wall Street Journal report, Binance affirmed its strict market surveillance program and commitment to combating market abuse. The exchange stated that it does not tolerate such practices and has offboarded
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