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- Binance co-founder Yi He has denied allegations made by the Wall Street Journal (WSJ) regarding market manipulation by popular market maker DWF Labs.
- The WSJ claimed in a recent report that Binance researchers discovered DWF Labs manipulated the price of Yield Guild Game (YGG) token and at least six other altcoins in 2023.
- Yi He responded to these allegations, stating that Binance does not target any fund or market maker and that they will continue to report honestly to regulators and other regulatory authorities.
Binance co-founder Yi He refutes WSJ’s market manipulation allegations against DWF Labs, assuring that Binance maintains strict market surveillance and does not tolerate market abuse.
WSJ Accuses DWF Labs of Market Manipulation
The Wall Street Journal, citing statements from a former Binance employee, reported that Binance researchers discovered market manipulation by DWF Labs in 2023. The manipulation allegedly involved the Yield Guild Game (YGG) token and at least six other altcoins. Binance, however, has denied these allegations, with a spokesperson stating, “Binance categorically denies any claims that our market surveillance program allows for market manipulation on our platform. We have a robust market surveillance framework that detects and prevents market abuse.”
Yi He Responds to WSJ’s Allegations
Binance co-founder Yi He also responded to the WSJ’s allegations. He denied any preferential actions against any fund and stated, “We closely monitor market makers. We do not target any fund or market maker. However, competition among market makers is high and fraudulent behaviors are rampant. We will maintain our integrity and will not participate in such games. We will continue to report honestly to auditors and other regulatory authorities.”
Yi He’s Sarcastic Thanks to WSJ
Yi He also took a sarcastic jab at the WSJ, thanking them for their long-term investment in Binance. He stated, “I thank WSJ for the long-term investment in Binance. WSJ has been consistently reporting about us for a long time. I am grateful to WSJ for advertising Binance and saving us from our advertising budget. However, WSJ did not report when Binance helped law enforcement and the main culprit of Zkasino was arrested. This shows WSJ’s bias.”
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Conclusion
The allegations of market manipulation are serious, but Binance and its co-founder Yi He have categorically denied any wrongdoing. They assure that Binance maintains strict market surveillance and does not tolerate market abuse. As the crypto market continues to evolve, it’s crucial for platforms like Binance to uphold transparency and integrity to maintain trust among users and regulators.
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