Some of Binance.US’ first cryptocurrency trades were conducted internally and constituted wash trading, the Wall Street Journal said on July 24.
The Journal said that Binance.US saw $70,000 worth of Bitcoin trading over its first hour of operations in 2019. But according to an internal memo, Binance CEO Changpeng Zhao said regarding those trades: “That was ourself, I think.”
Apart from quoting that memo, the Wall Street Journal otherwise described the U.S. Securities and Exchange Commission (SEC)’s ongoing case against the company.
The SEC’s case makes similar accusations concerning wash trading, as it alleges that Binance.US inflated trading volumes through accounts at companies controlled by Zhao such as Sigma Chain. The Wall Street Journal highlighted a section of the case in which the SEC alleges that wash trading between Sigma Chain accounts and executive accounts accounted for 70% of one cryptocurrency’s trading volume.
The SEC also said that Binance.US had no trading
We współpracy z: https://cryptoslate.com/first-trades-at-binance-us-involved-wash-trading-wsj-alleges-based-on-cz-memo/
