Binance claps back at WSJ report, affirms strict market surveillance program

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Binance,Cryptocurrencies

Binance Exchange is in the headlines again following revelations by insiders that the trading platform had punished an employee after he flagged an incident of market manipulation at its client DWF Labs, according to a Wall Street Journal report.

Binance Exchange has tried to clear its name on allegations of overlooking market manipulation. Sources indicate Binance fired its head of surveillance after he flagged DWF's suspected market manipulation. In 2023, US authorities accused Binance of maximizing profits by protecting users, including those funding terrorist activities.

*Binance Fired Head of Surveillance After He Flagged DWF's Suspected Market Manipulation, Sources Say -- WSJ — Tree News May 9, 2024 Citing the WSJ, “Former company insiders say the firing of an internal investigator showed that the crypto exchange neglected evidence of market manipulation.” Binance has since clapped back at the article titled “Binance Pledged to Thwart Suspicious Trading—Until It Involved a Lamborghini-Loving High Roller.

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