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Binance Co-Founder Yi He Refutes WSJ Market Manipulation Claims

by Drop Gorn
May 10, 2024
in BUSINESS, CRYPTO, OPINION
Reading Time: 3 mins read
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  • 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.

JUST IN: #Binance co-founder refutes new allegations of market manipulation reported by WSJ pic.twitter.com/reHaOTzqyd

— BlockNews.com (@blocknewsdotcom) May 9, 2024

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.

Tags: BinancecryptoCrypto ExchangeDWF LabsThe Wall Street JournalYi He
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