Binance Reportedly Fired Investigator Who Discovered Market Manipulation at Client Company

With Binance founder and former CEO Changpeng “CZ” Zhao recently sentenced to four months imprisonment, a WSJ report is alleging that the crypto exchange giant fired one of its investigators who exposed market manipulation by one of the company’s clients, DWF Labs.

The investigative team in one of its investigations, found out that Binance’s VIP clients, made up of top traders who accounted for two-thirds of the company’s total trading volume in 2023, were engaged in wash trading and pump and dump schemes. The Binance investigators found out that DWF Labs helped manipulate the price of the Yield Guild Game token and six others, processing $300 million in wash trades in 2023.

“We have a robust surveillance framework that identifies and takes action against market abuse. We do not favor any individual user, no matter how big, over the safety of the platform.”

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Binance Fired Investigator Who Uncovered Market Manipulation at Client DWF Labs: WSJJamie Crawley is a CoinDesk news reporter based in London.
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