- Binance co-founder Yi He and market maker DWF Labs denied allegations of market manipulation brought forth by The Wall Street Journal
- Yi He stated that the report increased exposure for Binance and saved marketing costs, while claiming the allegations were driven by emotions and biases rather than facts
- DWF Labs said the allegations were unfounded, distorted facts, and affirmed they operate with high standards of integrity, transparency, and ethics
Recent allegations from The Wall Street Journal claimed that DWF Labs, a major trading firm and partner of Binance, engaged in wash trading and market manipulation. Both Binance and DWF Labs have denied these allegations and stated that they operate with integrity.
Binance Co-Founder Responds
Yi He, co-founder of Binance, said the media report “greatly increased our exposure and saved us a lot of marketing budget.” However, he denied the allegations, stating that some mainstream media articles are “increasingly driven by emotions and biases rather than facts.” He said Binance proactively assists law enforcement, which was not reported.
DWF Labs Denies Allegations
In a similar response, DWF Labs said the allegations “distort the facts” and are unfounded. The firm stated that they operate with high standards of integrity, transparency and ethics. DWF Labs remains committed to supporting over 700 partners across the crypto ecosystem.
Binance’s Surveillance Program
He affirmed Binance has a strict market surveillance program and does not tolerate market abuse. Over the last three years, Binance has offboarded nearly 355,000 users for violating terms of use, with over $25 trillion in transactions. He said their investigation teams aim to remain neutral and unbiased.
About DWF Labs
DWF Labs was founded in 2021 by Andrei Grachev. The firm invests in promising crypto projects and provides long-term financial support.
Conclusion
While serious allegations were made against DWF Labs and Binance, both firms strongly denied any market manipulation or wrongdoing. They stated their commitment to operating with integrity. The claims will likely lead to increased scrutiny of trading practices across crypto exchanges.
