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Binance Fires Investigator Who Implicated VIP Clients in $300M Wash Trading

Published 05/09/2024, 11:20 PM
Updated 05/09/2024, 11:45 PM
Binance Fires Investigator Who Implicated VIP Clients in $300M Wash Trading

  • Binance fires surveillance head following his findings of VIP client involvement in market manipulation.

  • Investigations by the ousted team suggest that DWF Labs engaged in over $300 million in wash trading.

  • Binance defends the controversial transactions as proprietary trading.

VIP clients of Binance, who account for two-thirds of its trading volume, have been implicated in manipulative trading practices. According to the Wall Street Journal, the leading crypto exchange platform fired the head of its market surveillance team after he uncovered manipulative trading by VIP client DWF Labs.

The dismissed head of surveillance and his team of traditional finance experts were working towards aligning Binance’s operations with regulatory standards. Their investigations uncovered that certain VIP clients were involved in illicit trading practices such as pump-and-dump schemes and wash trading.

For instance, last summer, the surveillance team’s investigations led to the expulsion of the Tron Foundation from the Binance platform. They also recommended the removal of DWF Labs after uncovering evidence of price manipulation involving the YGG token and at least six oth…

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