Binance Founder Addresses Market Maker Allegations: Impact on BNB Coin (BNB)

• Binance co-founder Yi He responds to Bloomberg’s allegations about DWF Labs and Binance.
• Bloomberg reported on May 9 that Binance’s surveillance team had identified global market maker DWF Labs manipulating the markets of YGG and at least six other cryptocurrencies.
• Additionally, it was alleged that Binance dismissed the head of the team that identified this problematic structure.

Binance co-founder Yi He refutes Bloomberg’s allegations about market manipulation by DWF Labs and defends the company’s surveillance practices.

Binance Co-founder Responds to Allegations

Yi He, co-founder of Binance, responded to the allegations, stating that they monitor market makers and are very strict on this matter. He also pointed out the intense competition among market-making companies, reminding that they could resort to PR attacks against each other.

Claims of Market Manipulation

Bloomberg’s report on May 9 alleged that Binance’s surveillance team had identified global market maker DWF Labs manipulating the markets of YGG and at least six other cryptocurrencies. In addition to these allegations, it was claimed that Binance dismissed the head of the team that identified this problematic structure.

Assurances of Transparency

Yi He assured that all processes and reports will be transparently reported to regulatory authorities, sending a message that the news is baseless. He also expressed his grievances towards WSJ, reminding that this news agency has been attacking the exchange in a similar manner for a long time. He emphasized that situations where Binance helped catch criminals, as happened in the Zkasino case, never made the headlines of WSJ.

DWF Labs’ Response

DWF Labs, which made a similar statement a short while ago, described the events as a smear campaign.

Conclusion

The allegations against Binance and DWF Labs have stirred controversy in the crypto community. However, Binance’s co-founder Yi He has strongly refuted these claims, assuring transparency in their processes and reporting. As the situation unfolds, the crypto community awaits further developments and clarity on the matter.

Tags: Binance, DWF Labs

Stay updated with all developments and shares by joining our Telegram channel!