Binance Accused of Tolerating DWF Labs’ Market Manipulation, He Yi Responds: “Buy PR at Your Convenience”

On May 9, The Wall Street Journal reported, citing a source claiming to be a former Binance insider, that Binance’s market monitoring team in 2023 discovered prominent market maker DWF Labs engaged in $300 million worth of sham transactions, manipulating prices of at least six cryptocurrencies including YGG. After the head of the market monitoring team reported the potential market manipulation by DWF Labs internally, they were reportedly dismissed from Binance. This incident has raised further questions about Binance’s market transparency and fairness.

Binance Responds: Our Market Monitoring Procedures Are Strict

Shortly after The Wall Street Journal’s report, Binance responded officially on X:

“In response to The Wall Street Journal, we confirm that our market monitoring procedures are rigorous. We do not tolerate any market abuse.

Over the past three years, we have removed nearly 355,000 users for violating terms of use, involving over $2.5 trillion in trading volume.

The competition among market makers is fierce, and our investigative team’s duty is to remain neutral and objectively review the evidence, which includes avoiding biases that may arise from market makers’ accusations against competitors.

Our goal is to ensure healthy competition within the industry and we always strive to protect our users from market manipulation.”